04:31 PM EDT, 08/08/2024 (MT Newswires) -- Profound Medical ( PROF ) on Thursday said its second-quarter loss narrowed on rising revenue.

The medical-device company said it lost US$6.9 million, or US$0.28 per share, in the period, compared with a loss of US$7.3 million, or US$0.35, in the year-prior period. The result beat the consensus analyst estimate for the measure for a loss of US$0.39 per share, according to Capital IQ.

Revenue rose 39% to US$2.23 million from US$1.6 million.

The company said the installed base for the Tulsa-Pro prostrate-surgery system is currently at 57. Profound expects to grow that number to 75 systems this year.

"While we continue to make strong commercial progress, in some ways we are just approaching the starting line as we make final preparations for the permanent CPT [Current Procedural Terminology] Category 1 codes for TULSA going into effect at the beginning of 2025, an anticipated major inflection point for our business," chief executive Arun Menawat noted..

The company's shares closed down $0.45 to $12.89 on the Toronto Stock Exchange.