SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

[X]      QUARTERLY  REPORT  PURSUANT  TO SECTION  13 OR 15(d) OF THE  SECURITIES
         EXCHANGE -- ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2001

         OR

[ ]      TRANSITION  REPORT  PURSUANT  TO SECTION 13 OR 15(d) OF THE  SECURITIES
         EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____ TO _____.


         Commission File Number      0-18592

                           MERIT MEDICAL SYSTEMS, INC.
                           ---------------------------
             (Exact name of Registrant as specified in its charter)

           Utah                                              87-0447695
           ----                                              ----------
(State or other jurisdiction of                      (I.R.S. Identification No.)
incorporation or organization)

                1600 West Merit Park Way, South Jordan UT, 84095
                ------------------------------------------------
                    (Address of Principal Executive Offices)

                                 (801) 253-1600
                                 --------------
              (Registrant's telephone number, including area code)


      Indicate by check mark  whether the  Registrant  (1) has filed all reports
  required to be filed by Sections 13 or 15(d) of the Securities Exchange Act of
  1934  during the  preceding  12 months (or for such  shorter  period  that the
  Registrant  was  required to file such  reports),  and (2) has been subject to
  such filing requirements for the past 90 days.

  Yes  x    No
     -----    ----

      Indicate  the  number of shares  outstanding  of each of the  Registrant's
  classes of common stock, as of the latest practicable date.



    Common Stock                                         8,202,174
    ------------                                         ---------
  TITLE OR CLASS                                 Number of Shares Outstanding at
                                                      August 13, 2001






                           MERIT MEDICAL SYSTEMS, INC.

                               INDEX TO FORM 10-Q




                                                                                   
  PART I.   FINANCIAL INFORMATION                                                   PAGE
                                                                                    ----

    Item 1. Financial Statements

            Consolidated Balance Sheets as of June 30, 2001
            and December 31, 2000......................................................1

            Consolidated Statements of Operations for the three and six months
            ended June 30, 2001 and 2000...............................................3

            Consolidated Statements of Cash Flows for the six months
            ended June 30, 2001 and 2000...............................................4

            Notes to Consolidated Financial Statements.................................6

    Item 2. Management's Discussion and Analysis of Financial Condition
            and Results of Operations..................................................7

    Item 3. Quantitative and Qualitative Disclosure About Market Risk.................10

  PART II.  OTHER INFORMATION

    Item 4. Submission of Matters to a Vote of Security Holders ......................10

    Item 5. Other Information ........................................................10

    Item 6. Exhibits and Reports on Form 8-K..........................................11


  SIGNATURES..........................................................................11









                                          PART I - FINANCIAL INFORMATION

  ITEM 1:  Financial Statements

  MERIT MEDICAL SYSTEMS, INC.

  CONSOLIDATED BALANCE SHEETS
  JUNE 30, 2001 AND DECEMBER 31, 2000
  ----------------------------------------------------------------------------------------------------


                                                                          June 30,      December 31,
  ASSETS                                                                    2001           2000
  ------                                                             ---------------------------------
                                                                          (Unaudited)
                                                                                   
  CURRENT ASSETS:
  Cash and cash equivalents                                           $      358,743     $    412,384
  Trade receivables - net                                                 14,328,653       13,235,858
  Employee and related
    party receivables                                                        426,249          440,654
  Irish Development Agency grant receivable                                                   177,477
  Inventories                                                             22,304,636       25,273,428
  Prepaid expenses and other assets                                          689,822          663,101
  Deferred income tax assets                                               1,183,944        1,183,944
  Income tax refund receivable                                               236,643          588,640
                                                                     ---------------  ---------------
  Total current assets                                                    39,528,690       41,975,486
                                                                       -------------    -------------

  PROPERTY AND EQUIPMENT:
  Land                                                                     1,258,013        1,260,985
  Building                                                                 1,500,000        1,500,000
  Manufacturing equipment                                                 21,247,530       19,696,550
  Automobiles                                                                 91,332          131,036
  Furniture and fixtures                                                   9,660,975        9,576,084
  Leasehold improvements                                                   5,541,410        5,420,194
  Construction-in-progress                                                 2,144,254        2,120,671
                                                                      --------------   --------------
  Total                                                                   41,443,514       39,705,520
  Less accumulated depreciation
    and amortization                                                     (19,804,456)     (17,860,490)
                                                                       -------------    -------------
  Property and equipment - net                                            21,639,058        21,845,030
                                                                       -------------    --------------

  OTHER ASSETS:
  Intangible assets - net                                                  2,571,559        2,522,384
  Deposits                                                                    38,988           41,273
  Cost in excess of the fair value of assets  acquired-net                 4,913,527         5,062,458
                                                                       -------------    --------------
  Total other assets                                                       7,524,074         7,626,115
                                                                       -------------    --------------

  TOTAL ASSETS                                                          $ 68,691,822     $ 71,446,631
                                                                       =============     ============






  Continued on Page 2
  See Notes to Consolidated Financial Statements

                                        1







  MERIT MEDICAL SYSTEMS, INC.

  CONSOLIDATED BALANCE SHEETS (Continued)
  JUNE 30, 2001 AND DECEMBER 31, 2000
  ---------------------------------------------------------------------------------------------------



  LIABILITIES AND STOCKHOLDERS'                                            June 30,      December 31,
  EQUITY                                                                    2001               2000
  ------                                                             ---------------     ------------
                                                                          (Unaudited)
                                                                                   
  CURRENT LIABILITIES:
  Current portion of long-term debt                                    $     789,151     $  1,091,725
  Trade payables                                                           4,798,606        4,835,517
  Accrued expenses                                                         4,878,572        3,471,039
  Advances from employees                                                    110,521           96,778
  Income taxes payable                                                     1,074,703           33,420
                                                                       -------------     ------------
  Total current liabilities                                               11,651,553        9,528,479

  DEFERRED INCOME TAX LIABILITIES                                          2,262,657        2,177,833

  LONG-TERM DEBT                                                          14,755,086       24,011,778

  DEFERRED CREDITS                                                           882,865          955,839
                                                                       -------------     ------------

  Total Liabilities                                                       29,552,161       36,673,929
                                                                       -------------     ------------


  STOCKHOLDERS' EQUITY:
  Preferred stock- 5,000,000 shares authorized as of
     June 30, 2001 and December 31, 2000, no shares
     issued
  Common  stock- no par  value;  20,000,000
     shares  authorized;  8,047,265  and
     7,788,208 shares issued at June 30, 2001
     and December 31, 2000,
     respectively                                                         21,158,016       19,779,765
  Retained earnings                                                       18,662,293       15,617,075
  Accumulated other comprehensive loss                                      (680,648)        (624,138)
                                                                       -------------    -------------
  Total stockholders' equity                                              39,139,661       34,772,702
                                                                       -------------    -------------

  TOTAL LIABILITIES AND STOCKHOLDERS                                   $ 68,691,822     $  71,446,631
                                                                       -------------    -============



  See Notes to Consolidated Financial Statements

                                        2







MERIT MEDICAL SYSTEM, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2001 and 2000    (Unaudited)
-----------------------------------------------------------------------------------------------


                                             Three Months Ended                Six Months Ended
                                                  June 30,                         June 30,
                                           2001             2000           2001            2000
                                        ------------    ------------   ------------    ------------
                                                                           
NET SALES                               $ 26,264,015    $ 23,552,859   $ 53,052,388    $ 45,633,294

COST OF SALES                             16,837,858      15,936,620     34,406,857      30,383,055
                                        ------------    ------------   ------------    ------------

GROSS PROFIT                               9,426,157       7,616,239     18,645,531      15,250,289
                                        ------------    ------------   ------------    ------------

OPERATING EXPENSES:
  Selling, general and administrative      6,158,130       5,688,793     12,164,203      12,027,332
  Research and development                 1,090,791       1,002,448      2,220,863       2,008,384
  Severance costs                               --           277,300            --          277,300
                                        ------------    ------------   ------------    ------------
TOTAL OPERATING EXPENSES                   7,248,921       6,968,541     14,385,066      14,313,016
                                        ------------    ------------   ------------    ------------

INCOME FROM OPERATIONS                     2,177,236         647,698      4,260,465         937,273

OTHER ( INCOME)  EXPENSE - NET              (467,492)        583,517        (31,425)      1,100,921
                                        ------------    ------------   ------------    ------------

INCOME (LOSS) BEFORE INCOME TAXES          2,644,728          64,181      4,291,890        (163,648)


INCOME TAX EXPENSE (BENEFIT)                 785,935          19,254      1,246,672         (49,093)


NET INCOME (LOSS)                       $  1,858,793    $     44,927   $  3,045,218    $   (114,555)
                                        ============    ============   ============    ============

EARNINGS (LOSS) PER COMMON SHARE -
   Basic                                $       0.24    $       0.01   $       0.39    $      (0.01)
                                        ============    ============   ============    ============
   Diluted                              $       0.23    $       0.01   $       0.38    $      (0.01)
                                        ============    ============   ============    ============

AVERAGE COMMON SHARES -
   Basic                                   7,895,260       7,747,976      7,845,595       7,685,444
                                        ============    ============   ============    ============
   Diluted                                 8,243,247       7,785,161      8,069,004       7,839,400
                                        ============    ============   ============    ============




See Notes to Consolidated Financial Statements

                                                              3







MERIT MEDICAL SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2001 AND 2000     (Unaudited)
-------------------------------------------------------------------------------------------------

                                                                  June 30,        June 30,
                                                                    2001            2000
                                                                 -----------    -----------
                                                                          
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)                                                $ 3,045,218    $  (114,555)
Adjustments to reconcile net income (loss) to net
 cash provided by (used in) in operating activities:
Depreciation and amortization                                      2,248,160      2,171,968
Bad debt expense                                                     124,558        449,793
(Gains) on sales and abandonment of
  property, equipment and land                                      (786,279)        (2,845)
Amortization of deferred credits                                     (68,912)       (65,800)
Deferred income taxes                                                 84,824         36,817
Changes in operating assets and liabilities:
Trade receivables                                                 (1,217,353)    (1,652,767)
Employee and related party receivables                                14,405        (22,770)
   Other receivables
   Irish Development Agency grant receivable                         173,415        (17,610)
   Inventories                                                     2,968,792       (193,327)
   Prepaid expenses and other assets                                 (26,721)      (569,431)
   Deposits                                                            2,285          1,199
   Trade payables                                                    (36,911)      (299,402)
   Accrued expenses                                                1,407,533        511,528
   Advances from employees                                            13,743        (14,112)
   Income taxes payable                                            1,393,280       (268,416)
                                                                 -----------    -----------

    Total adjustments                                              6,294,819         64,825
                                                                 -----------    -----------

Net cash provided by (used in) operating activities                9,340,037        (49,730)
                                                                 -----------    -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures for:
  Property and equipment                                          (1,693,544)    (2,585,817)
  Intangible assets                                                 (129,743)      (273,041)
Purchase of Electro Catheter assets
   (Including cost in excess of fair market value of $482,628)          --         (641,661)
Other                                                                   --          (22,688)
Proceeds from sale of property, equipment and land                   938,303          2,279
                                                                 -----------    -----------
Net cash used in investing activities                               (884,984)    (3,520,928)
                                                                 -----------    -----------



See Notes to Consolidated Financial Statements


                                        4






MERIT MEDICAL SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
FOR THE SIX MONTHS ENDED  JUNE 30, 2001 AND 2000    (Unaudited)
----------------------------------------------------------------------------------------------


                                                               June 30,        June 30,
                                                                 2001            2000
                                                              -----------    -----------
                                                                       
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of  common stock                       $ 1,378,251    $ 1,084,337
Proceeds from long-term debt                                         --        3,255,263
Principal payments on long-term debt                           (9,830,435)      (670,096)
                                                              -----------    -----------


Net cash provided by (used in) financing activities            (8,452,184)     3,669,504
                                                              -----------    -----------


EFFECT OF EXCHANGE RATES ON CASH                                  (56,510)       (52,916)
                                                              -----------    -----------

NET (DECREASE) INCREASE IN CASH                                   (53,641)        45,930

CASH AT BEGINNING OF PERIOD                                       412,384        668,711
                                                              -----------    -----------

CASH AT END OF PERIOD                                         $   358,743    $   714,641
                                                              ===========    ===========

SUPPLEMENTAL DISCLOSURES OF CASH
  FLOW INFORMATION:
  Cash paid during the period for interest (including
  capitalized interest of $44,738 and $61,731 respectively)   $   804,396    $1 ,050,752
                                                              ===========    ===========

  Income taxes                                                $   120,565    $   182,506
                                                              ===========    ===========


SUPPLEMENTAL DISCLOSURE OF NONCASH
INVESTING AND FINANCING ACTIVITIES:

During the six months  ended June 30, 2001 and 2000,  the Company  issued  notes
payable totaling $271,169 and $509,963 respectively, for manufacturing equipment
and furniture and fixtures.


See Notes to Consolidated Financial Statements


                                        5




MERIT MEDICAL SYSTEMS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
--------------------------------------------------------------------------------


1.  Basis of  Presentation.  In the  opinion  of  management,  the  accompanying
consolidated  financial  statements contain all adjustments,  consisting only of
normal  recurring  accruals,  necessary  for a fair  presentation  of  financial
position of the  Company as of June 30,  2001 and  December  31,  2000,  and the
results of its operations and cash flows for the three and six months ended June
30, 2001 and 2000.  The results of operations for the three and six months ended
June 30,  2001 and 2000 are not  necessarily  indicative  of the  results  for a
full-year period.


2.  Inventories. Inventories at June 30, 2001 and December 31, 2000 consisted of
the following:

                                         June 30,      December 31,
                                          2001            2000
                                      ------------    ------------
Raw materials                         $  8,789,695    $  8,325,314
Work-in-process                          4,080,770       3,678,807
Finished goods                          12,132,728      15,255,622
Less reserve for obsolete inventory     (2,698,557)     (1,986,315)
                                      ------------    ------------
Total                                 $ 22,304,636    $ 25,273,428
                                      ------------    ------------

3.  Income Taxes. The Company has not fully allocated income tax expense between
current and  deferred  for the  quarters  and six months ended June 30, 2001 and
2000.  The  effective tax rates for the three and six months ended June 30, 2001
and 2000  were  below  the 35 %  federal  statutory  rate.  Improvements  in the
effective tax rate below the 35 % federal statutory rate were largely the result
of the Company's operations in Ireland which are currently taxed at a lower rate
than the  Company's  overall  effective  tax rate,  and  increased  research tax
credits.


4.  Reporting  Comprehensive  Income - In June 1997,  the  Financial  Accounting
Standards  Board (FASB) issued SFAS No.130,  "Reporting  Comprehensive  Income."
SFAS No. 130  establishes  standards for reporting and display of  comprehensive
income and its components (revenues,  expenses,  gains and losses) in a full set
of  general-purpose  financial  statements.  This  statement  requires  that  an
enterprise (a) classify items of other comprehensive income by their nature in a
financial   statement  and  (b)  display  the   accumulated   balance  of  other
comprehensive   income   separately   from  retained   earnings  and  additional
paid-in-capital in the equity section of a statement of financial position.

Effective  January 1, 1998, the Company  adopted the provisions of SFAS No. 130.
The Company determined that the only transaction  considered to be an additional
component of comprehensive  income is the cumulative  effect of foreign currency
translation  adjustments.  As of June  30,  2001  and  December  31,  2000,  the
cumulative effect of such transactions reduced  stockholders' equity by $680,648
and $624,138,  respectively.  Comprehensive  income (loss) for the three and six
months ended June 30, 2001 and 2000 has been computed as follows:



                                   Three months ended             Six months ended
                                        June 30,                       June 30,
                                  2001            2000           2001          2000
                               -----------    -----------    -----------    -----------
                                                                
Net income (loss)              $ 1,858,793    $    44,927    $ 3,045,218    $  (114,555)
Foreign currency translation       (13,619)       (16,738)       (56,510)       (52,916)
                               -----------    -----------    -----------    -----------
Comprehensive income (loss)    $ 1,845,174    $    28,189    $ 2,988,708    $  (167,471)
                               ===========    ===========    ===========    ===========



                                        6



MERIT MEDICAL SYSTEMS, INC

5.  Recently  Issued  Financial  Accounting  Standards.  Statement  of Financial
Accounting Standards No.133,  Accounting for Derivative  Instruments and Hedging
Activities,  as amended,  requires that all derivative instruments be recognized
as either assets or liabilities at fair market value.  The Company  adopted this
statement  beginning  January 1, 2001.  The  effect on the  Company's  financial
statements of adopting this statement was not significant.

On June 29, 2001,  Statement of Financial  Accounting  Standards (SFAS) No. l41,
"Business Combinations" was approved by the Financial Accounting Standards Board
(FASB). SFAS No. 141 requires that the purchase method of accounting be used for
all business  combinations  initiated after June 30, 2001.  Goodwill and certain
intangible  assets will remain on the balance sheet and not be amortized.  On an
annual  basis,  and when there is reason to suspect  that their values have been
diminished  or  impaired,  these  assets  must be  tested  for  impairment,  and
write-downs may be necessary.  The Company is required to implement SFAS No. 141
on  July 1,  2001  and it has not  determined  the  impact,  if any,  that  this
statement  will  have on its  consolidated  financial  position  or  results  of
operations.

On June 29,  2001,  SFAS No. 142,  "Goodwill  and Other  Intangible  Assets" was
approved by the FASB.  SFAS No.142  changes the  accounting for goodwill from an
amortization  method to an impairment-only  approach.  Amortization of goodwill,
including  goodwill  recorded  in past  business  combinations,  will cease upon
adoption of this statement. The Company is required to implement SFAS No. 142 on
January  1,  2002  and it has not  determined  the  impact,  if any,  that  this
statement  will  have on its  consolidated  financial  position  or  results  of
operations.

ITEM 2:

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
--------------------------------------------------------------------------------

Overview

Merit Medical  Systems,  Inc. is happy to report its best quarter and six months
in history, with record revenues and earnings.  Company sales increased over 16%
for the second quarter 2001 compared to the second quarter of 2000,  across most
product  lines,  particularly  kits and  stand-alone  products.  The  Company is
pleased to report a continued  positive  momentum in manufacturing  efficiencies
and the  resulting  drop in  costs  per  unit,  particularly  in our  Salt  Lake
operations.  This increase in both sales volume and  manufacturing  efficiencies
has resulted in very  favorable  labor and overhead  utilization  as compared to
first few months of 2000. Management believes that this trend toward lower costs
per unit and higher  gross  margins  will  continue  into the third and probably
fourth  quarters as the Company sells  inventories  produced in the last four or
five months.

The  Company  also   continues  to  leverage  its  operating   expenses  and  is
experiencing greater efficiencies in the sales, general and administrative areas
of the Company. Merit is pleased to announce a significant reduction, of over $6
million since January, 2000 of its inventory, along with the associated benefits
of lower  inventory  carrying  costs.  The Company's  cash flow from  operations
continues to  strengthen  to record  levels (over $9.3 million in cash flow from
operations  for the first six  months of 2001),  resulting  in a decline  of the
Company's  line of credit balance from $30.4 million at August 24, 2000 to $10.4
million as of August 8, 2001. Therefore,  the Company has paid back the bank $20
million in less than twelve  months.  This lower  debt,  combined  with  falling
interest rates, have resulted in a significant decrease in interest expense.

Management is pleased to report that the  fundamental  financial  performance of
the Company has  dramatically  improved over the last year in almost every area.
Sales are up, productivity has increased, gross margins are improving, operating
expenses  are dropping as a  percentage  of sales and  interest  costs are down,
resulting in much improved cash flow, net income, earnings per share.


                                        7



MERIT MEDICAL SYSTEMS, INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
--------------------------------------------------------------------------------


Operations.  The Company  enjoyed it's best quarter,  and six months in history,
experiencing  record  revenues  and  earnings.  The  following  table sets forth
certain  operational  data as a percentage of sales for the three and six months
ended June 30, 2001 and 2000:



                                          Three Months Ended                 Six Months Ended
                                                 June 30,                        June 30,
                                        2001             2000              2001              2000
                                      --------         --------            ----              ----
                                                                                
Sales                                   100.0 %          100.0%            100.0%           100.0%
Gross Profit                             35.9             32.3              35.1             33.4
Selling, general and administrative      23.4             24.2              22.9             26.4
Research and development                  4.2              4.3               4.2              4.4
Income from Operations                    8.3              2.7               8.0              2.1
Other Expense                            (1.8)             2.5               (.1)             2.4
Net Income (Loss)                         7.1               .2               5.7              (.3)



Sales.  Sales for the  three  months  ended  June 30,  2001 were a record  $26.3
million,  compared to $23.6 million for the same period last year, which was the
strongest  quarter of 2000,  representing an increase of 12 %. Merit's increased
sales were fueled by growth in stand-alone  products  which grew by 19%,  custom
kits up 19% and inflation  devices which grew at 13 %. For the six-month  period
ended June 30, 2001 total sales were a record $53.1 million  compared with $45.6
million  for the same  period in 2000,  an increase of 16 %. Growth in sales for
the six-month  period were  attributable to growth in Custom kits by 25% as well
as stand-alone  products which grew by 21 %, and inflation devices which grew at
14 %. Catheter  sales declined in the quarter and six months ended June 30, 2001
compared  to the  same  periods  of  2000  by  21%  and  7%  respectively.  This
comparative  decline was mainly due to a sizable  increase in catheter  sales in
the 2nd  quarter  of last year  because of a  catheter  recall by the  company's
largest competitor.

Gross  Margin.  Gross margin as a percentage of sales for the three months ended
June 30, 2001 was 35.9%  compared to 32.3% for the same period in 2000.  For the
six months ended June 30, 2001, gross margin was 35.1%, as compared to 33.4% for
the same  period in 2000.  The  increase  in gross  margin for the three and six
months ended June 30, 2001 was  primarily the result of lower costs per unit for
both labor and  overhead  than a year ago.  The  Company is  benefiting  from an
almost 20% reduction in head count and inventory,  while growing the top line by
over 17% in 2000 and over 16% so far in 2001.  This positive  momentum for gross
margins  will  continue  into the 3rd  quarter  as Merit  sells  this lower cost
product manufactured in March through June of 2001.

Operating  Expenses.  Operating  expenses  decreased as a percentage of sales to
27.6% of sales for the three months  ended June 30, 2001,  compared to 29.6% for
the three months ended June 30, 2000. For the first six months of 2001 operating
expenses  decreased  to 27.1% as  compared to 31.4% for the same period in 2000.
Selling,  general and administrative expenses decreased as a percentage of sales
to  23.4%  and  24.2%  for the  three  and  six  months  ended  June  30,  2001,
respectively,  compared  to 22.9%  and  26.4%,respectively,  for the  comparable
periods in 2000. The decrease as a percentage of sales in operating expenses for
the three and six months ended June 30, 2001,  were due mainly to becoming  more
efficient by holding the line on expenses,  combined with a significant increase
in sales. Research and development costs increased slightly but declined to 4.2%
of sales for the three months ended June 30, 2001, compared to 4.3% for the same
period in 2000. For the six months ended June 30, 2001, research and development
expenditures  decreased  to 4.2% of  sales,  down from 4.4% of sales for the six
months ended June 30, 2000.


                                        8




MERIT MEDICAL SYSTEMS, INC.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (Continued)
--------------------------------------------------------------------------------


Operating  Income.  During the three  months  ended June 30,  2001,  the Company
reported income from operations of $2.2 million  compared to $.6 million for the
comparable period in 2000. Operating income for the first six months of 2001 was
$4.3 million,  compared to $.9 million in 2000.  Net income for the three months
ended June 30, 2001  increased to a record $1.9 million,  from $44,927,  for the
same three-month  period of 2000, and net income for the 6 months ended June 30,
2001, grew to a record $3.0 million,  compared to a net loss of $114,555 for the
first half of 2000.

Liquidity and Capital Resources. At June 30, 2001, the Company's working capital
was $27.9  million,  which  represented a current ratio of 3.4 to 1. At June 30,
2001,  the  outstanding  balance  under  the line of credit  was $13.9  million.
Historically,  the Company has incurred  significant expenses in connection with
product  development and introduction of new products.  Substantial  capital has
also been  required  to  finance  growth in  inventories  and  receivables.  The
Company's principal sources of funding for these and other expenses has been the
cash  generated  from  operations,  secured loans on equipment and bank lines of
credit and the sale of equity.  The Company believes that its present sources of
liquidity and capital are adequate for its current operations.

Forward-Looking  Statements.  This Report includes "Forward-Looking  Statements"
within the meaning of Section 27A of the  Securities Act of 1933, as amended and
Section 21E of the Securities Exchange of 1934, as amended. All statements other
than statements of historical fact are "Forward-Looking  Statements" for purpose
of these  provisions,  including any projections of earnings,  revenues or other
financial  items,  any  statements of the plans and objectives of management for
future operations,  any statements concerning proposed new products or services,
any statements  regarding  future economic  conditions or  performance,  and any
statements of assumptions  underlying any of the foregoing.  All Forward-Looking
Statements  included  in this  document  are made as of the date  hereof and are
based on  information  available  to Merit as of such  date.  Merit  assumes  no
obligation   to  update   any   Forward-Looking   Statement.   In  some   cases,
Forward-Looking  Statements can be identified by the use of terminology  such as
"may,"  "will,"  "expects,"  "plans,"   "anticipates,"   "intends,"  "believes,"
"estimates,"  "potential,"  or  "continue,"  or the  negative  thereof  or other
comparable  terminology.  Although the Company  believes  that the  expectations
reflected in the  Forward-Looking  Statements  contained  herein are reasonable,
there can be no assurance that such  expectations or any of the Forward- Looking
Statements will prove to be correct,  and actual results could differ materially
from  those  projected  or  assumed in the  Forward-Looking  Statements.  Future
financial  condition and results of operations,  as well as any  Forward-Looking
Statements are subject to inherent  risks and  uncertainties,  including  market
acceptance  of  the  Company's  products,   timing  and  acceptance  of  product
introductions,   potential  product  recalls,  delays  in  obtaining  regulatory
approvals, cost increases,  fluctuations in and obsolescence of inventory, price
and product competition, availability of labor and materials, development of new
products and techniques  that render the Company's  products  obsolete,  foreign
currency  fluctuation,  changes in health  care  markets  related to health care
reform initiatives and other factors referred to in the Company's press releases
and reports filed with the  Securities and Exchange  Commission.  All subsequent
Forward- Looking Statements  attributable to the Company or person acting on its
behalf are expressly qualified in their entirety by these cautionary statements.


                                        9




MERIT MEDICAL SYSTEMS, INC
--------------------------


ITEM 3:

QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISK

The Company  principally  hedges the following EURO currencies:  Belgian Francs,
French Francs, German Marks, Dutch Gilders, and Irish Pounds. The Company enters
into  forward  foreign  exchange  contracts to protect the Company from the risk
that the eventual net dollar cash flows resulting from transactions with foreign
customers  and  suppliers  may be  adversely  affected  by changes  in  currency
exchange rates.  Such contracts are not significant to financial  results of the
Company.



                           PART II - OTHER INFORMATION

Item: 4  Submission of Matters to a Vote of Security Holders

         The  Company  held its Annual  Meeting  of  Shareholders  (the  "Annual
Meeting") on May 23, 2001 in South Jordan, Utah. The following items of business
were considered at the Annual Meeting:

         A:   Election of Directors

              Two persons  were  elected as members of the Board of Directors to
serve three-year terms. They are as follows:

                                           Shares               Withhold
                                           Voted For
                                           ---------         -------------
              James J. Ellis               6,448,788            126,422
              Michael E. Stillabower, M.D. 6,448,140            127,070

         B.   To Approve  the  Adoption of the  Medical  Services  Non-Qualified
Employee Stock Purchase Plan

              A  proposal  to adopt  the  Merit  Medical  Service  Non-qualified
Employee  Stock Purchase Plan was approved by the  shareholders  of the Company.
The  number of shares  voted for the plan was  6,329,157.  The  number of shares
voted against the plan was 216,098.  The number of shares abstaining from voting
on was 29,955.

         C.   Selection of Auditors.

              A proposal to ratify the  appointment  of Deloitte & Touche LLP as
the  independent  auditor of the Company for fiscal  2001 was  presented  at the
Annual  Meeting  and such  proposal  was  approved  by the  shareholders  of the
Company.  The number of shares voted for the proposal was 6,462,942.  The number
of shares voted against such proposal was 4,035 The number of shares  abstaining
from voting was 108,233.


                                       10




MERIT MEDICAL SYSTEMS, INC.
---------------------------



                           PART II - OTHER INFORMATION



ITEM 6:     Exhibits and Reports on Form 8-K



            (a)  Reports on Form 8-K - none
            (b)  Exhibits  - None



                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.


MERIT MEDICAL SYSTEMS, INC.
REGISTRANT





Date:     AUGUST 13, 2001      By: /s/ Fred P.Lampropoulos
          ---------------      ---------------------------
                               FRED P. LAMPROPOULOS
                               PRESIDENT AND CHIEF EXECUTIVE OFFICER





Date:     AUGUST 13, 2001      By: /s/ Kent W. Stanger
          ---------------      -----------------------
                               KENT W. STANGER
                               VICE PRESIDENT AND CHIEF FINANCIAL OFFICER

                                       11