CHICAGO—NovaMed (Nasdaq: NOVA) posted net revenues of $33,813,000 for the first quarter ended March 31, 2008, up 11 percent from $30,568,000 in the prior year first quarter. Net revenue from surgical facilities grew to $27,415,000, up 13 percent from $24,277,000 in the prior year first quarter, according to NovaMed.

Operating income increased 14 percent to $8,288,000. Income from continuing operations in the first quarter of 2008 was $2,136,000 compared to $1,533,000 in the prior year first quarter, a 39 percent increase. Same-facility net revenue growth was 3 percent for the quarter. Net cash provided by operations was $4,020,000 in the first quarter of 2008, up from $337,000 in the prior year first quarter. Same-facility net revenue grew 3 percent. Total surgical procedures increased 9 percent to 32,835.

“We are very pleased with NovaMed’s overall financial performance for the first quarter of 2008, particularly our growth in earnings per share and cash flow,” said NovaMed CEO Thomas S. Hall. “Today, at NovaMed we are very focused on driving margin improvement and cash flows by constantly striving to optimize our operations at both the surgery center and corporate levels.

“With solid cash flow from operations of over $4 million in the first quarter of 2008, and approximately $100 million available under our credit facility, we remain well positioned to execute our growth strategy in 2008 and beyond.”