NovaMed averaged about 1,047 procedures per facility for the quarter, and about 2,963 procedures per facility for the first nine months of 2008.
Net revenue per procedure was $810 for the quarter and $831 for the nine month period.
"We continue to be pleased with our progress in the third quarter as highlighted by our continued strong growth in earnings and cash flow," said Thomas Hall, chairman, president and CEO of NovaMed, according to a NovaMed news release. "With cash flow of $6.2 million in the third quarter and $17 million year to date, we were able to pay cash for our acquisitions and stock buyback as well as reduce our long-term debt by $3.5 million in the third quarter. Despite the obvious challenges presented by the economy, our management team remains focused on driving solid performance."
During the third quarter, NovaMed acquired a 51 percent interest in a four operating room ASC located in Baton Rouge, La., and also acquired MDnetSolutions, a software and marketing solutions business currently serving the bariatric market.
For the three months ending September 30, procedures performed were 36,656 in 35 ASCs, as compared to 32,852 in 2007 in 34 ASCs. For the nine months ending September 30, procedures performed were 103,691 in 35 facilities as compared to 95,305 in 2007 in 34 facilities.
Other highlights of the quarter (from the prior year third quarter) included:
- Total net revenue grew to $36,050,000, up 10 percent
- Net revenue from surgical facilities grew to $29,680,000, up 10 percent
- Operating income increased 14 percent to $9,185,000
Highlights for the nine months ending September 30, 2008, included:
- Total net revenue grew to $105,043,000, up 10 percent
- Net revenue from surgical facilities grew to $86,167,000, up 11 percent
- Net income from continuing operations was $6,922,000, up 36 percent
- Net cash provided by operations was $16,998,000, up 56 percent
View the news release from NovaMed.
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