We present preliminary results obtained using a time domain wave-based reconstruction algorithm for an ultrasound transmission tomography scanner with a circular geometry. While a comprehensive description of this type of algorithm has already been given elsewhere, the focus of this work is on some practical issues arising with this approach. In fact, wave-based reconstruction methods suffer from two major drawbacks which limit their application in a practical setting: convergence is difficult to obtain and the computational cost is prohibitive. We address the first problem by appropriate initialization using a ray-based reconstruction. Then, the complexity of the method is reduced by means of an efficient parallel implementation on graphical processing units (GPU). We provide a mathematical derivation of the wave-based method under consideration, describe some details of our implementation and present simulation results obtained with a numerical phantom designed for a breast cancer detection application. The source code of our GPU implementation is freely available on the web at www.usense.org.