01:23 PM EDT, 08/15/2024 (MT Newswires) -- Titan Medical ( TMDIF ) , which is in the process of acquiring Conavi Medical, its subsidiary, on Thursday reported a second quarter swing to a loss.

The company said it lost US$1.1 million, or US$0.01 per share, compared with a profit of US$13.2 million, or US$0.10 per share, last year.

Titan did not book any revenue during the quarter. It reported revenue of US$17.3 million, in the prior year period.

Titan also announced Wednesday that the outside date for the amalgamation with Conavi had been extended to October 10 from the original July 15 target. This, the third amendment, also halved the minimum aggregate size of the concurrent financing to US$7.5 million, from US$15 million. It also reduced the minimum net cash Titan must have to US$2 million, from US$5 million.

The company's shares were last seen up $0.005 to $0.055 on the Toronto Stock Exchange.