Bangkok Dusit Medical Services Public Company Limited (SET: BDMS) reported a net profit of THB 4,058 million for the first quarter of 2026, marking a 7% decline compared to the THB 4,346 million recorded in 1Q25.
While the healthcare giant managed to keep its top-line revenue stable, its bottom line was squeezed by rising operating expenses and significant external disruptions in key international markets.
Total operating income for the quarter stood at THB 28,554 million, representing a flat year-over-year (YoY) performance. Revenue from hospital operations remained steady at THB 27,135 million. However, this stability masks underlying volatility: international patient revenues grew by only 1% YoY, due to travel disruptions for Middle Eastern patients and a 78% plunge in Cambodian patient revenues following a border conflict.
BDMS highlighted that excluding the impact of these two regions, hospital revenue would have grown by 3%, and international revenues would have surged by 10%, bolstered by strong demand from Myanmar, American, and German patients.
On the expenditure side, total operating expenses (including depreciation) rose 2% YoY to THB 23,338 million. This increase was driven by higher doctor fees, increased costs for medical supplies, and depreciation from network expansions. As a result, EBITDA fell 3% to THB 7,016 million, with the EBITDA margin narrowing to 24.6% from 25.4% in the previous year.
Domestic performance also faced headwinds as rising global oil prices increased the cost of living, leading some Thai patients to postpone non-urgent medical procedures. This contributed to a drop in the overall occupancy rate to 60%, compared to 67% in 1Q25.
Despite these challenges, the company saw a 25% reduction in finance expenses following debenture redemptions and is moving forward with its “Value-Based Healthcare” strategy to ensure long-term sustainability.
