04:28 PM EDT, 05/29/2024 (MT Newswires) -- Nanalysis Scientific ( NSCIF ) on Wednesday said its first-quarter loss narrowed on higher sales.

The medical-equipment company said it lost $2.52 million in the period, narrowing from a loss of $4.32 million in the year-prior period.

Revenue more than doubled, rising to $11.16 million from $4.67 million.

"The momentum from the end of 2023 has carried into first quarter of 2024 and continues today," chief executive Sean Krakiwsky, in a statement. " ... Our revenue growth, combined with ongoing cost reduction initiatives are moving us towards profitability."

The company's shares closed unchanged at $0.44 on the TSX Venture Exchange.