Key Developments For NovaMed Inc
NovaMed Inc (NOVA.O) (Nasdaq)
NovaMed, Inc. Acquires Multi Specialty Surgery Center In Pennsylvania
NovaMed, Inc. announced that it has acquired a 65% interest in Physicians Surgical Center located in Lebanon, Pennsylvania. Physicians Surgical Center has three operating rooms and one procedure room and currently performs orthopedic, ENT, ophthalmology, pain management, gastroenterology, urology and general surgery procedures. Terms of the deal were not disclosed.
NovaMed, Inc. Announces Stock Repurchase Program
NovaMed, Inc. announced that the Board of Directors has adopted a program to repurchase from time to time at management's discretion up to $8 million of NovaMed's common stock in the open market or in private transactions during the 12-month period ending July 31, 2009 at prevailing market prices.
NovaMed, Inc. Acquires Ambulatory Surgery Center In Louisiana
NovaMed, Inc. announced that it has acquired a 51% interest in the Interventional Pain Management Center, an ambulatory surgery center with four operating rooms located in Baton Rouge, Louisiana. Terms of the deal were not disclosed.
NovaMed, Inc. Expands Optical Products Business
NovaMed, Inc. announced that it has acquired The Buying Group, an optical products purchasing organization based in Minneapolis, Minnesota. The purchase price was approximately $7 million and the transaction closed on December 31, 2007.
NovaMed, Inc. Announces Decision To Divest Four ASCS
NovaMed, Inc. announced that it plans to close or sell three ambulatory surgery centers located in Laredo, Texas, Thibodaux, Louisiana and Columbus, Georgia. These centers together represented approximately 2% of NovaMed's total net revenue and an after-tax loss of just over $0.01 per diluted share for the nine months ended September 30, 2007. NovaMed decided to close or sell two of these ambulatory surgery centers due to their continued unprofitability. The third ambulatory surgery center is located in Thibodaux, Louisiana and its only surgeon is planning to retire shortly. The decision to close or sell this facility was based on the facility's competitive position in the market, limited growth potential, and the lack of a succession plan for the surgeon in this rural area.
