CHICAGO—NovaMed (Nasdaq: NOVA) posted 10 percent increases in revenues for both the second quarter and the first six months of this year.

In Q2, NovaMed’s revenues reached $35.2 million, up from $32 million in last year’s first half. Net income for the quarter was $2.35 million, vs. $1.5 million in 2007’s Q2.

In the first six months of this year, NovaMed had total revenues of $69 million, up from $62.5 million in the first half of 2007. Net income in 2008’s first six months was $4.5 million, compared to. income of $3 million in the first half of 2007.

NovaMed’s board of directors recently adopted a program to repurchase up to $8 million of the company’s common stock during the 12-month period ending July 31, 2009. As of June 30, 2008, NovaMed had 24.8m million shares of common stock outstanding.

“With solid cash flow from operations of almost $11 million in the first six months of 2008, and approximately $100 million available under our credit facility, we remain well-positioned to continue to acquire surgery centers and execute our growth strategy while at the same time repurchase our common stock on an opportunistic basis,” said Thomas Hall, chairman, president and chief executive officer of NovaMed.