The invariance of wave equations in lossless media allows the time reversal (TR) technique to spatiotemporally refocus back-propagated signals in a given ultrawideband imaging scenario. However, the existence of dispersion and loss in the propagation medium breaks this invariance and the resultant TR focusing exhibits frequency and propagation duration dependent degradation. We propose an algorithm based on the continuous wavelet transform that tackles this degradation to improve focusing resolution under such conditions. The developed algorithm has been successfully applied to the scenario for localization of lung cancer.