Back to Markets
Earnings● Neutral
BDMS Q1: The Key Metrics Behind the Earnings Deck
With the Q1 deck released, BDULF investors need to scrutinize patient volume, medical tourism recovery, and margin signals for the hospital operator.
Continue with
Bangkok Dusit Medical Services (OTCMKTS:BDULF) published its Q1 2026 earnings slide deck on May 22, 2026. The presentation accompanies the company’s earnings call for the first quarter. Investors now have the supporting material, though the deck itself does not always include the full income statement. The challenge is to extract the operating signals from a presentation that may emphasize visuals over detailed tables.
BDMS is Thailand’s largest private hospital operator, with a network of hospitals in Bangkok and regional areas. The stock trades as an ADR on the OTC market, meaning liquidity and settlement risk differ from the primary listing on the Stock Exchange of Thailand. For ADT holders, the Q1 deck is the primary English-language source for the quarter’s performance. The deck likely covers revenue by hospital group, patient volumes, and trends in medical tourism.
Patient Volume and Revenue Per Case
The most important table in the deck shows inpatient and outpatient visits. BDMS revenue growth depends on both volume and mix. Higher acuity cases, such as complex surgeries, lift revenue per patient day. The deck may break out same-hospital growth versus new hospital contributions. A drop in volume with stable revenue per case signals a pricing-driven strategy, while volume growth with flat per-case revenue suggests capacity utilization.
Key items to find in the deck:
- Inpatient volume (admissions and patient days)
- Outpatient visits
- Revenue per admission and per outpatient case
- International patient share by region