B

Bangkok Dusit Medical Services PCL
SET:BDMS

Watchlist Manager
Bangkok Dusit Medical Services PCL
SET:BDMS
Watchlist
Price: 19.4 THB 0.52% Market Closed
Market Cap: 308.3B THB
Financials Section:
Income Statement Balance Sheet Cash Flow Statement

Income Statement

Revenue
+
3Y
+23%
5Y
+55%
10Y
+81%
Operating Income
+
3Y
+26%
5Y
+115%
10Y
+124%
Net Income
+
3Y
+36%
5Y
+131%
10Y
+113%

Earnings Waterfall
Bangkok Dusit Medical Services PCL

Revenue
110.5B THB
Cost of Revenue
-69.9B THB
Gross Profit
40.6B THB
Operating Expenses
-19.8B THB
Operating Income
20.8B THB
Other Expenses
-4.3B THB
Net Income
16.5B THB

Income Statement
Bangkok Dusit Medical Services PCL

Rotate your device to view
Income Statement
Currency: THB
Dec-2003 Mar-2004 Jun-2004 Sep-2004 Dec-2004 Mar-2005 Jun-2005 Sep-2005 Dec-2005 Mar-2006 Jun-2006 Sep-2006 Dec-2006 Mar-2007 Jun-2007 Sep-2007 Dec-2007 Mar-2008 Jun-2008 Sep-2008 Dec-2008 Mar-2009 Jun-2009 Sep-2009 Dec-2009 Mar-2010 Jun-2010 Sep-2010 Dec-2010 Mar-2011 Jun-2011 Sep-2011 Dec-2011 Mar-2012 Jun-2012 Sep-2012 Dec-2012 Mar-2013 Jun-2013 Sep-2013 Dec-2013 Mar-2014 Jun-2014 Sep-2014 Dec-2014 Mar-2015 Jun-2015 Sep-2015 Dec-2015 Mar-2016 Jun-2016 Sep-2016 Dec-2016 Mar-2017 Jun-2017 Sep-2017 Dec-2017 Mar-2018 Jun-2018 Sep-2018 Dec-2018 Mar-2019 Jun-2019 Sep-2019 Dec-2019 Mar-2020 Jun-2020 Sep-2020 Dec-2020 Mar-2021 Jun-2021 Sep-2021 Dec-2021 Mar-2022 Jun-2022 Sep-2022 Dec-2022 Mar-2023 Jun-2023 Sep-2023 Dec-2023 Mar-2024 Jun-2024 Sep-2024 Dec-2024 Mar-2025 Jun-2025 Sep-2025
Revenue
Interest Expense
101
100
107
116
122
156
197
231
276
310
356
450
546
647
705
708
688
659
629
625
647
638
657
663
641
639
626
614
584
563
653
692
770
830
800
837
849
869
903
921
957
984
954
935
976
1 007
1 082
1 143
1 136
1 079
968
921
881
1 031
1 259
1 451
1 535
1 490
1 374
1 202
1 165
1 137
1 105
1 016
929
869
825
867
871
838
808
765
728
692
655
636
632
638
621
589
547
495
472
452
433
418
0
0
Revenue
3 085
N/A
3 569
+16%
4 074
+14%
4 730
+16%
5 274
+12%
6 327
+20%
7 493
+18%
8 803
+17%
10 254
+16%
11 477
+12%
12 784
+11%
14 277
+12%
15 578
+9%
16 805
+8%
17 432
+4%
17 828
+2%
18 423
+3%
19 195
+4%
20 033
+4%
20 774
+4%
21 188
+2%
21 101
0%
21 048
0%
21 308
+1%
21 597
+1%
22 282
+3%
22 459
+1%
23 120
+3%
23 513
+2%
24 141
+3%
27 886
+16%
31 679
+14%
35 224
+11%
39 266
+11%
40 676
+4%
42 496
+4%
44 307
+4%
46 209
+4%
47 689
+3%
49 446
+4%
50 615
+2%
52 509
+4%
53 667
+2%
54 259
+1%
56 054
+3%
57 701
+3%
59 332
+3%
61 121
+3%
62 834
+3%
64 420
+3%
65 257
+1%
67 215
+3%
67 985
+1%
68 042
+0%
69 471
+2%
70 754
+2%
71 933
+2%
74 343
+3%
75 665
+2%
76 504
+1%
77 373
+1%
78 579
+2%
79 743
+1%
81 243
+2%
82 723
+2%
81 918
-1%
76 291
-7%
71 385
-6%
68 074
-5%
64 361
-5%
67 738
+5%
70 683
+4%
74 451
+5%
81 410
+9%
86 019
+6%
90 054
+5%
91 934
+2%
92 958
+1%
95 267
+2%
97 983
+3%
100 853
+3%
103 452
+3%
105 074
+2%
106 808
+2%
107 867
+1%
109 342
+1%
110 366
+1%
110 458
+0%
Gross Profit
Cost of Revenue
(1 861)
(2 106)
(2 339)
(2 733)
(2 999)
(3 468)
(4 186)
(4 811)
(5 935)
(6 734)
(7 428)
(8 366)
(8 673)
(9 266)
(9 663)
(9 842)
(10 237)
(10 551)
(10 942)
(11 436)
(11 878)
(12 225)
(12 376)
(12 487)
(12 454)
(12 873)
(13 027)
(13 382)
(13 662)
(16 352)
(19 296)
(22 372)
(23 675)
(26 231)
(27 185)
(28 135)
(29 239)
(30 225)
(31 090)
(31 992)
(32 977)
(33 888)
(34 590)
(35 300)
(36 473)
(37 686)
(38 861)
(40 127)
(41 151)
(42 270)
(43 039)
(44 506)
(45 277)
(45 601)
(46 546)
(47 204)
(47 975)
(48 935)
(49 589)
(49 995)
(50 502)
(51 813)
(52 671)
(53 642)
(54 277)
(53 821)
(50 659)
(47 867)
(46 371)
(44 473)
(46 382)
(48 337)
(49 462)
(52 862)
(55 248)
(57 102)
(58 329)
(59 000)
(60 285)
(61 775)
(63 412)
(65 026)
(66 258)
(67 423)
(68 071)
(69 021)
(69 693)
(69 850)
Gross Profit
1 223
N/A
1 462
+20%
1 734
+19%
1 996
+15%
2 275
+14%
2 860
+26%
3 308
+16%
3 994
+21%
4 319
+8%
4 744
+10%
5 357
+13%
5 912
+10%
6 905
+17%
7 542
+9%
7 772
+3%
7 988
+3%
8 187
+2%
8 644
+6%
9 091
+5%
9 338
+3%
9 309
0%
8 877
-5%
8 673
-2%
8 821
+2%
9 143
+4%
9 407
+3%
9 430
+0%
9 737
+3%
9 851
+1%
7 788
-21%
8 588
+10%
9 304
+8%
11 549
+24%
13 033
+13%
13 491
+4%
14 362
+6%
15 069
+5%
15 986
+6%
16 600
+4%
17 455
+5%
17 638
+1%
18 620
+6%
19 076
+2%
18 958
-1%
19 580
+3%
20 016
+2%
20 472
+2%
20 994
+3%
21 683
+3%
22 149
+2%
22 217
+0%
22 709
+2%
22 708
0%
22 441
-1%
22 924
+2%
23 549
+3%
23 957
+2%
25 409
+6%
26 078
+3%
26 510
+2%
26 871
+1%
26 766
0%
27 072
+1%
27 601
+2%
28 446
+3%
28 097
-1%
25 631
-9%
23 518
-8%
21 703
-8%
19 888
-8%
21 356
+7%
22 346
+5%
24 989
+12%
28 548
+14%
30 771
+8%
32 952
+7%
33 604
+2%
33 957
+1%
34 981
+3%
36 208
+4%
37 440
+3%
38 426
+3%
38 816
+1%
39 386
+1%
39 796
+1%
40 321
+1%
40 673
+1%
40 608
0%
Operating Income
Operating Expenses
(771)
(891)
(1 041)
(1 225)
(1 459)
(2 129)
(2 554)
(2 982)
(3 140)
(3 357)
(3 689)
(3 876)
(4 651)
(5 034)
(5 356)
(5 667)
(5 731)
(5 938)
(6 164)
(6 345)
(6 479)
(6 392)
(6 277)
(6 245)
(6 406)
(6 236)
(6 260)
(6 340)
(6 464)
(4 324)
(4 252)
(4 154)
(5 723)
(6 372)
(6 555)
(7 136)
(7 282)
(7 915)
(8 726)
(9 754)
(10 006)
(10 701)
(10 803)
(10 358)
(10 620)
(10 837)
(11 252)
(11 685)
(11 850)
(12 211)
(12 198)
(12 396)
(13 644)
(12 845)
(13 211)
(13 406)
(14 488)
(14 006)
(14 238)
(14 326)
(15 998)
(15 623)
(15 963)
(16 348)
(16 395)
(15 836)
(14 862)
(13 816)
(13 178)
(10 184)
(10 548)
(12 978)
(13 766)
(14 587)
(15 274)
(16 463)
(16 621)
(17 099)
(17 693)
(18 305)
(18 548)
(18 790)
(18 997)
(19 103)
(19 344)
(19 556)
(19 681)
(19 770)
Selling, General & Administrative
(845)
(994)
(1 143)
(1 326)
(1 540)
(2 054)
(2 529)
(3 201)
(3 446)
(3 343)
(3 361)
(3 225)
(4 992)
(3 831)
(3 997)
(4 130)
(4 196)
(4 372)
(4 540)
(4 665)
(4 732)
(4 555)
(4 382)
(4 337)
(4 472)
(4 348)
(4 446)
(4 573)
(4 795)
(5 540)
(6 277)
(6 991)
(7 224)
(7 985)
(8 221)
(8 553)
(8 969)
(9 053)
(9 591)
(10 315)
(9 910)
(10 936)
(11 053)
(11 015)
(10 563)
(11 563)
(12 009)
(12 373)
(11 816)
(12 975)
(13 009)
(13 248)
(12 704)
(13 805)
(14 148)
(14 356)
(13 503)
(14 828)
(15 051)
(15 146)
(15 024)
(16 576)
(16 932)
(17 360)
(16 431)
(16 925)
(15 918)
(14 868)
(13 026)
(13 586)
(13 994)
(14 236)
(14 064)
(15 770)
(16 431)
(17 412)
(16 626)
(18 263)
(18 939)
(19 548)
(18 742)
(20 066)
(20 336)
(20 543)
(19 719)
(21 088)
(21 265)
(21 324)
Depreciation & Amortization
(8)
0
(3)
(17)
(38)
0
0
0
0
(331)
(657)
(1 021)
0
(1 523)
(1 653)
(1 775)
(1 946)
(2 027)
(2 115)
(2 179)
(2 169)
(2 219)
(2 257)
(2 286)
(2 277)
(2 242)
(2 198)
(2 152)
(2 150)
0
0
0
0
0
0
0
0
0
0
0
(639)
0
0
0
(706)
0
0
0
(833)
0
0
0
(941)
0
0
0
(985)
0
0
0
(974)
0
0
0
(1 016)
0
0
0
(1 135)
0
0
0
(965)
0
0
0
(1 029)
0
0
0
(1 064)
0
0
0
(1 109)
0
0
0
Other Operating Expenses
83
103
105
118
119
(75)
(25)
219
306
318
330
371
341
320
295
240
410
462
491
498
423
381
362
378
343
355
385
385
481
1 216
2 025
2 837
1 501
1 613
1 668
1 418
1 687
1 138
864
560
543
234
250
657
649
727
757
688
798
762
811
853
0
962
939
952
0
823
812
818
0
952
969
1 012
1 051
1 089
1 056
1 051
983
3 402
3 446
1 258
1 263
1 182
1 157
949
1 034
1 164
1 246
1 244
1 258
1 276
1 339
1 440
1 484
1 532
1 584
1 555
Operating Income
452
N/A
572
+27%
694
+21%
773
+11%
817
+6%
731
-11%
754
+3%
1 010
+34%
1 179
+17%
1 386
+18%
1 667
+20%
2 036
+22%
2 254
+11%
2 507
+11%
2 415
-4%
2 321
-4%
2 455
+6%
2 706
+10%
2 927
+8%
2 992
+2%
2 831
-5%
2 485
-12%
2 396
-4%
2 577
+8%
2 737
+6%
3 173
+16%
3 173
N/A
3 399
+7%
3 387
0%
3 466
+2%
4 338
+25%
5 153
+19%
5 826
+13%
6 663
+14%
6 936
+4%
7 225
+4%
7 787
+8%
8 070
+4%
7 874
-2%
7 701
-2%
7 633
-1%
7 919
+4%
8 272
+4%
8 599
+4%
8 960
+4%
9 177
+2%
9 218
+0%
9 308
+1%
9 833
+6%
9 937
+1%
10 020
+1%
10 313
+3%
9 064
-12%
9 597
+6%
9 714
+1%
10 144
+4%
9 469
-7%
11 402
+20%
11 838
+4%
12 182
+3%
10 873
-11%
11 143
+2%
11 109
0%
11 253
+1%
12 051
+7%
12 261
+2%
10 769
-12%
9 702
-10%
8 525
-12%
9 704
+14%
10 809
+11%
9 368
-13%
11 223
+20%
13 960
+24%
15 498
+11%
16 489
+6%
16 984
+3%
16 859
-1%
17 289
+3%
17 903
+4%
18 892
+6%
19 635
+4%
19 819
+1%
20 283
+2%
20 452
+1%
20 765
+2%
20 992
+1%
20 838
-1%
Pre-Tax Income
Interest Income Expense
38
55
2
36
116
71
38
(10)
(112)
(170)
(226)
(338)
(484)
(606)
(667)
(678)
(636)
(564)
(510)
(447)
(426)
(423)
(444)
(435)
(406)
(367)
(333)
(280)
(227)
(194)
289
304
257
1 995
1 610
1 976
1 986
413
570
235
279
182
62
188
382
430
426
549
397
460
599
657
563
545
3 235
2 910
(51)
2 927
142
321
599
8 168
8 068
8 047
213
198
(29)
(325)
(553)
(733)
(641)
(658)
(630)
(588)
(562)
(525)
(502)
(457)
(406)
(333)
(240)
(191)
(148)
(120)
(121)
(116)
(112)
(101)
Non-Reccuring Items
(9)
(11)
(10)
(7)
(192)
0
0
(182)
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
209
0
0
0
2 880
0
0
0
0
0
0
0
7 619
0
0
13
2 429
0
0
2 416
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total Other Income
0
1
1
0
(1)
(2)
(3)
(2)
0
(1)
0
(1)
0
0
0
1
0
2
2
1
0
0
0
1
1
0
0
0
0
0
0
0
0
(1)
(1)
(1)
0
1
0
0
0
(1)
1
2
0
2
1
(1)
0
(1)
(1)
0
859
0
(1)
(1)
840
(1)
0
0
915
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Pre-Tax Income
481
N/A
617
+28%
687
+11%
802
+17%
740
-8%
800
+8%
789
-1%
816
+3%
1 067
+31%
1 215
+14%
1 441
+19%
1 697
+18%
1 770
+4%
1 901
+7%
1 748
-8%
1 644
-6%
1 819
+11%
2 144
+18%
2 419
+13%
2 546
+5%
2 405
-6%
2 062
-14%
1 952
-5%
2 143
+10%
2 332
+9%
2 806
+20%
2 840
+1%
3 119
+10%
3 160
+1%
3 272
+4%
4 627
+41%
5 457
+18%
6 083
+11%
8 657
+42%
8 545
-1%
9 200
+8%
9 773
+6%
8 484
-13%
8 444
0%
7 936
-6%
7 912
0%
8 100
+2%
8 335
+3%
8 789
+5%
9 342
+6%
9 609
+3%
9 645
+0%
9 856
+2%
10 230
+4%
10 396
+2%
10 618
+2%
10 970
+3%
10 694
-3%
10 142
-5%
12 948
+28%
13 053
+1%
13 138
+1%
14 328
+9%
11 980
-16%
12 503
+4%
12 387
-1%
19 311
+56%
19 177
-1%
19 300
+1%
19 883
+3%
12 460
-37%
10 740
-14%
9 390
-13%
10 401
+11%
8 971
-14%
10 168
+13%
11 126
+9%
10 594
-5%
13 372
+26%
14 935
+12%
15 963
+7%
16 481
+3%
16 401
0%
16 883
+3%
17 570
+4%
18 652
+6%
19 444
+4%
19 671
+1%
20 163
+3%
20 331
+1%
20 649
+2%
20 880
+1%
20 737
-1%
Net Income
Tax Provision
(107)
(134)
(162)
(195)
(212)
(208)
(189)
(188)
(208)
(254)
(322)
(400)
(386)
(436)
(464)
(463)
(527)
(579)
(634)
(664)
(689)
(595)
(533)
(508)
(547)
(709)
(716)
(820)
(779)
(804)
(1 031)
(1 274)
(1 456)
(1 626)
(1 620)
(1 541)
(1 521)
(1 563)
(1 474)
(1 424)
(1 392)
(1 435)
(1 503)
(1 602)
(1 671)
(1 740)
(1 791)
(1 793)
(1 895)
(1 936)
(1 954)
(2 057)
(1 922)
(1 821)
(2 519)
(2 520)
(2 564)
(2 750)
(2 118)
(2 171)
(2 740)
(4 159)
(4 203)
(4 296)
(3 873)
(2 312)
(2 035)
(1 807)
(2 751)
(2 576)
(2 732)
(2 895)
(2 103)
(2 676)
(2 988)
(3 167)
(3 227)
(3 204)
(3 322)
(3 522)
(3 772)
(3 917)
(3 861)
(3 989)
(3 792)
(3 831)
(3 910)
(3 730)
Income from Continuing Operations
374
483
525
607
528
592
600
628
859
961
1 119
1 298
1 384
1 466
1 284
1 180
1 292
1 564
1 785
1 882
1 717
1 467
1 418
1 634
1 785
2 096
2 124
2 299
2 380
2 467
3 595
4 182
4 627
7 032
6 926
7 660
8 252
6 921
6 970
6 513
6 520
6 666
6 833
7 187
7 671
7 869
7 853
8 062
8 335
8 459
8 664
8 913
8 772
8 320
10 429
10 533
10 575
11 579
9 862
10 332
9 647
15 152
14 974
15 004
16 009
10 148
8 705
7 583
7 649
6 396
7 435
8 231
8 490
10 696
11 947
12 796
13 254
13 197
13 561
14 048
14 880
15 527
15 810
16 174
16 539
16 818
16 970
17 007
Income to Minority Interest
(4)
(5)
(7)
(14)
95
93
93
87
(27)
(32)
(62)
(66)
(62)
(74)
(49)
(45)
(48)
(45)
(49)
(51)
(55)
(46)
(46)
(51)
(60)
(73)
(75)
(85)
(85)
(89)
(147)
(195)
(241)
(286)
(286)
(307)
(315)
(317)
(300)
(280)
(259)
(278)
(291)
(266)
(278)
(261)
(255)
(305)
(314)
(322)
(348)
(351)
(385)
(366)
(354)
(375)
(359)
(417)
(449)
(456)
(456)
(441)
(440)
(459)
(492)
(502)
(467)
(434)
(435)
(411)
(456)
(543)
(554)
(656)
(695)
(667)
(648)
(564)
(529)
(511)
(523)
(549)
(560)
(568)
(539)
(545)
(542)
(506)
Net Income (Common)
384
N/A
492
+28%
532
+8%
608
+14%
623
+2%
684
+10%
693
+1%
716
+3%
832
+16%
931
+12%
1 058
+14%
1 232
+16%
1 323
+7%
1 392
+5%
1 235
-11%
1 135
-8%
1 244
+10%
1 518
+22%
1 734
+14%
1 829
+5%
1 662
-9%
1 419
-15%
1 372
-3%
1 583
+15%
1 725
+9%
2 025
+17%
2 049
+1%
2 213
+8%
2 295
+4%
2 377
+4%
3 448
+45%
3 988
+16%
4 386
+10%
6 745
+54%
6 638
-2%
7 351
+11%
7 937
+8%
6 603
-17%
6 670
+1%
6 233
-7%
6 261
+0%
6 388
+2%
6 542
+2%
6 921
+6%
7 394
+7%
7 607
+3%
7 597
0%
7 756
+2%
8 021
+3%
8 137
+1%
8 315
+2%
8 562
+3%
8 386
-2%
7 954
-5%
10 076
+27%
10 159
+1%
10 216
+1%
11 162
+9%
9 414
-16%
9 876
+5%
9 191
-7%
14 712
+60%
14 534
-1%
14 545
+0%
15 517
+7%
9 646
-38%
8 239
-15%
7 149
-13%
7 214
+1%
5 985
-17%
6 979
+17%
7 688
+10%
7 936
+3%
10 040
+27%
11 252
+12%
12 129
+8%
12 606
+4%
12 633
+0%
13 032
+3%
13 537
+4%
14 358
+6%
14 979
+4%
15 250
+2%
15 606
+2%
16 000
+3%
16 273
+2%
16 428
+1%
16 501
+0%
EPS (Diluted)
0.04
N/A
0.05
+25%
0.05
N/A
0.06
+20%
0.05
-17%
0.06
+20%
0.06
N/A
0.06
N/A
0.07
+17%
0.08
+14%
0.09
+13%
0.1
+11%
0.11
+10%
0.12
+9%
0.11
-8%
0.1
-9%
0.1
N/A
0.13
+30%
0.15
+15%
0.16
+7%
0.14
-13%
0.12
-14%
0.11
-8%
0.13
+18%
0.14
+8%
0.16
+14%
0.17
+6%
0.18
+6%
0.19
+6%
0.2
+5%
0.22
+10%
0.25
+14%
0.3
+20%
0.44
+47%
0.43
-2%
0.48
+12%
0.51
+6%
0.43
-16%
0.44
+2%
0.41
-7%
0.4
-2%
0.41
+2%
0.42
+2%
0.44
+5%
0.48
+9%
0.49
+2%
0.49
N/A
0.5
+2%
0.52
+4%
0.53
+2%
0.54
+2%
0.56
+4%
0.54
-4%
0.52
-4%
0.65
+25%
0.66
+2%
0.66
N/A
0.72
+9%
0.61
-15%
0.63
+3%
0.59
-6%
0.94
+59%
0.93
-1%
0.93
N/A
0.99
+6%
0.61
-38%
0.52
-15%
0.45
-13%
0.45
N/A
0.38
-16%
0.44
+16%
0.48
+9%
0.5
+4%
0.63
+26%
0.71
+13%
0.76
+7%
0.79
+4%
0.8
+1%
0.82
+2%
0.85
+4%
0.9
+6%
0.94
+4%
0.96
+2%
0.98
+2%
1.01
+3%
1.02
+1%
1.03
+1%
1.04
+1%

See Also

Summary
BDMS intrinsic value, competitors valuation, and company profile.
DCF Valuation
BDMS stock valuation using Discount Cash Flow valuation method.
Relative Valuation
BDMS stock valuation using valuation multiples.
Wall Street Estimates
BDMS price targets and financial estimates made by Wall st analysts.
Profitability Analysis
Detailed analysis of the company's profitability.
Solvency Analysis
Analysis of the financial position and solvency of the company.
Financials
Income Statement, Balance Sheet, Cash Flow Statement.
Discount Rate
BDMS stock discount rate: cost of equity and WACC.
Summary
DCF Valuation
Relative Valuation
Wall Street Estimates
Profitability Analysis
Solvency Analysis
Financials
Discount Rate
Discover More
ALPHA SPREAD
Follow us
Join more than 307,400+ value investors using Alpha Spread
Create Free Account
or see our plans & pricing

Company

About Us Careers Pricing Affiliate Program Terms of Service Privacy Policy

Help

What is Intrinsic Value? Help Center Contact Us

Tools

Stock Screener Intrinsic Value Calculator DCF Value Calculator Discount Rate Calculator

Stocks

Most Undervalued Stocks Wide Economic Moat Stocks High Profitability Stocks High Solvency Stocks Most Popular Stocks

© 2026 Alpha Spread Limited. All Rights Reserved.

www.alphaspread.com is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on www.alphaspread.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. In no event shall Alpha Spread Limited be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on www.alphaspread.com, or relating to the use of, or inability to use, www.alphaspread.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance.