04:36 PM EDT, 05/09/2024 (MT Newswires) -- Profound Medical ( PROF ) on Thursday said its first quarter loss narrowed as revenue stayed flat. The company also provided annual revenue guidance for the first time.

The medical device company said it lost US$6.2 million, or US$0.26 per share, in the quarter, narrowing from a loss of US$6.7 million, or US$0.32, in the year-prior quarter.

Revenue of US$1.91 million, was 3% higher than the US$1.86 million in the prior year period. The company said US$1.48 million was generated from recurring revenue, consisting of the sale of Tulsa-Pro systems, lease of medical devices, extended warranties, and $428,000 for one-time sale of capital equipment.

The Tulsa-Pro system installed base grew from 47 at the end of 2023 to 53 as of the end of the first quarter. Profound expects to grow that number to 75 systems this year.

Profound expects total revenue for full-year 2024 to be between US$11 million to US$12 million, for 53% to 67% growth.

The company's shares closed up C$1.33 to C$11.64 on the Toronto Stock Exchange.