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 MARCH 31, 2002.

                                       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 Parkway, 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                                          13,528,677
---------------                              -------------------------------
 TITLE OR CLASS                              Number of Shares Outstanding at
                                                     May 14, 2002








                           MERIT MEDICAL SYSTEMS, INC.

                               INDEX TO FORM 10-Q

PART I.     FINANCIAL INFORMATION                                         PAGE
                                                                          ----






  Item 1.   Financial Statements

            Consolidated Balance Sheets as of March 31, 2002
            and December 31, 2001. . . . . . . . . . . . . . . . . . . . . . .1

            Consolidated Statements of Operations for the three months
            ended  March 31, 2002 and 2001 . . . . . . . . . . . . . . . .. . 3

            Consolidated Statements of Cash Flows for the three months
            ended  March 31, 2002 and 2001 . . . . . . . . . . . . . . . . .  4

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

  Item 2.   Management's Discussion and Analysis of Financial Condition
            and Results of  Operations . . . . . . . . . . . . . . . . . . .  8

  Item 3.   Qualitative and Quantitative Disclosures About Market Risk . . . 11


PART II.    OTHER INFORMATION

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


SIGNATURES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12







MERIT MEDICAL SYSTEMS, INC.

CONSOLIDATED BALANCE SHEETS
MARCH 31, 2002 AND DECEMBER 31, 2001   (Unaudited)
----------------------------------------------------------------------------------------
                                     ASSETS
                                     ------

                                                                March 31,     December 31,
                                                                 2002            2001
                                                             ------------    ------------
                                                                       
CURRENT ASSETS:
Cash and cash equivalents                                    $    929,089    $    341,690
Short-term investments                                             85,286          85,286
Trade receivables - net                                        15,090,272      14,748,021
Employee and related
  party receivables                                               507,228         266,905
Irish Development Agency grant receivable                          38,777          98,081
Inventories                                                    19,151,617      20,823,616
Prepaid expenses and other assets                                 798,139         514,786
Deferred income tax assets                                        723,299         723,299
                                                             ------------    ------------
Total current assets                                           37,323,707      37,601,684
                                                             ------------    ------------
PROPERTY AND EQUIPMENT:
Land                                                            1,252,066       1,252,066
Building                                                        1,500,000       1,500,000
Manufacturing equipment                                        23,657,880      23,289,880
Automobiles                                                        91,488          91,573
Furniture and fixtures                                         10,153,885       9,963,045
Leasehold improvements                                          5,797,665       5,659,457
Construction-in-progress                                        2,331,234       1,738,540
                                                             ------------    ------------
Total                                                          44,784,218      43,494,561
Less accumulated depreciation
  and amortization                                            (22,732,277)    (21,671,501)
                                                             ------------    ------------
Property and equipment - net                                   22,051,941      21,823,060
                                                             ------------    ------------
OTHER ASSETS:
Patents, trademarks and licenses - net                          2,353,162       2,434,632
Deposits                                                           34,834          34,843
Cost in excess of the fair value of assets of acquired-net      4,764,596       4,764,596
                                                             ------------    ------------
Total other assets                                              7,152,592       7,234,071
                                                             ------------    ------------
TOTAL ASSETS                                                 $ 66,528,240    $ 66,658,815
                                                             ============    ============


(Continued)
                 See Notes to Consolidated Financial Statements
                                       1





MERIT MEDICAL SYSTEMS, INC.

CONSOLIDATED BALANCE SHEETS
MARCH 31, 2002 AND DECEMBER 31, 2001 (Unaudited)
----------------------------------------------------------------------------------------

                      LIABILITIES AND STOCKHOLDERS' EQUITY
                      ------------------------------------

                                                                March 31,     December 31,
                                                                 2002            2001
                                                             ------------    ------------

                                                                       
CURRENT LIABILITIES:
Current portion of long-term debt                            $    581,452    $    598,086
Trade payables                                                  4,332,313       4,659,295
Accrued expenses                                                6,383,769       4,817,595
Advances from employees                                           152,495         128,624
Income taxes payable                                            1,457,274         486,763
                                                             ------------    ------------
Total current liabilities                                      12,907,303      10,690,363

DEFERRED INCOME TAX LIABILITIES                                 1,686,710       1,654,383

LONG-TERM DEBT                                                    490,313       5,727,381

DEFERRED CREDITS                                                  883,015         928,280
                                                             ------------    ------------
Total Liabilities                                              15,967,341      19,000,407
                                                             ------------    ------------
STOCKHOLDERS' EQUITY:
Preferred stock- 5,000,000  shares  authorized
 as of March 31, 2002 and December
 31, 2001, respectively, no shares issued
Common  stock-  no par  value; 20,000,000
 shares  authorized; 13,516,705 and
 13,377,021 shares issued at March 31, 2002
 and December 31, 2001, respectively                           26,527,840      25,958,295
Accumulated other comprehensive loss                             (646,901)       (652,940)
Retained earnings                                              24,679,960      22,353,053
                                                             ------------    ------------
Total stockholders' equity                                     50,560,899      47,658,408
                                                             ------------    ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                   $ 66,528,240    $ 66,658,815
                                                             ============    ============


                 See Notes to Consolidated Financial Statements

                                       2


MERIT MEDICAL SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001         (Unaudited)
-------------------------------------------------------------------------------

                                       March 31,     March 31,
                                         2002           2001
                                      -----------   -----------
NET SALES                             $28,672,168   $26,788,373
COST OF SALES                          17,520,388    17,568,999
                                      -----------   -----------
GROSS PROFIT                           11,151,780     9,219,374
                                      -----------   -----------
OPERATING EXPENSES:
Selling, general and administrative     6,705,248     6,006,073
Research and development                  963,289     1,130,072
                                      -----------   -----------
TOTAL OPERATING EXPENSES                7,668,537     7,136,145
                                      -----------   -----------
INCOME FROM OPERATIONS                  3,483,243     2,083,229

OTHER EXPENSE - NET                        60,362       436,067
                                      -----------   -----------
INCOME BEFORE INCOME TAXES              3,422,881     1,647,162

INCOME TAX EXPENSE                      1,095,974       460,737
                                      -----------   -----------
NET INCOME                            $ 2,326,907   $ 1,186,425
                                      ===========   ===========
EARNINGS PER COMMON SHARE -
    Basic                             $       .17   $       .10
                                      ===========   ===========
    Diluted                           $       .16   $       .10
                                      ===========   ===========
AVERAGE COMMON SHARES -
    Basic                              13,415,144    12,180,083
                                      ===========   ===========
    Diluted                            14,511,719    12,334,506
                                      ===========   ===========

                 See Notes to Consolidated Financial Statements

                                       3


MERIT MEDICAL SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001  (Unaudited)
-------------------------------------------------------------------------------

                                                      March 31,       March 31,
                                                        2002            2001
                                                     -----------    -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income                                           $ 2,326,907    $ 1,186,425
                                                     -----------    -----------
Adjustments to reconcile net income to net
 cash provided by in operating activities:
Depreciation and amortization                          1,111,747      1,112,130
Bad debt expense                                          42,900         59,417
Gain on sales of
 property and equipment                                     (204)
Amortization of deferred credits                         (39,996)       (34,710)
Deferred income taxes                                     32,327         32,255
Changes in operating assets and liabilities:
 Trade receivables                                      (385,151)    (1,195,687)
 Employee and related party receivables                 (240,323)        34,051
 Irish Development Agency grant receivable                54,035        123,743
 Inventories                                           1,671,999      2,149,837
 Prepaid expenses and other assets                      (283,353)      (237,557)
 Deposits                                                      9          2,414
 Trade payables                                         (326,982)      (277,608)
 Accrued expenses                                      1,566,174      1,642,902
 Advances from employees                                  23,871         41,428
 Income taxes payable                                    970,511        635,134
                                                     -----------    -----------
Total adjustments                                      4,197,564      4,087,749
                                                     -----------    -----------
Net cash provided by operating activities              6,524,471      5,274,174
                                                     -----------    -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures for:
 Property and equipment                               (1,297,145)      (743,856)
 Intangible assets                                        37,890        (99,029)
 Proceeds from sale of property and equipment                301
                                                     -----------    -----------
Net cash used in investing activities                 (1,258,954)      (842,885)
                                                     -----------    -----------

                 See Notes to Consolidated Financial Statements

                                       4





MERIT MEDICAL SYSTEMS, INC.

CONSOLIDATED  STATEMENTS  OF CASH FLOWS  (Continued)  FOR THE THREE MONTHS ENDED
MARCH 31, 2002 AND 2001 (Unaudited)
----------------------------------------------------------------------------------
                                                         March 31,     December 31,
                                                           2002            2001
                                                        -----------    -----------
                                                                 
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock                  $   569,545    $   109,139
Principal payments on long-term debt                     (5,253,702)    (4,440,829)
                                                        -----------    -----------
Net cash used in financing activities                    (4,684,157)    (4,331,690)
                                                        -----------    -----------
EFFECT OF EXCHANGE RATES ON CASH                              6,039        (42,891)
                                                        -----------    -----------
NET INCREASE IN CASH                                        587,399         56,708

CASH AT BEGINNING OF PERIOD                                 341,690        412,384
                                                        -----------    -----------
CASH AT END OF PERIOD                                   $   929,089    $   469,092
                                                        ===========    ===========
SUPPLEMENTAL DISCLOSURES OF CASH
  FLOW INFORMATION:
  Cash paid during the period for:
  Interest (including capitalized interest of $17,282
   and $16,771, respectively)                           $    51,510    $    70,792
                                                        ===========    ===========
  Income taxes                                          $    93,136    $   118,360
                                                        ===========    ===========


SUPPLEMENTAL DISCLOSURE OF NONCASH
INVESTING AND FINANCING ACTIVITIES:

During the three month periods ended March 31, 2001, the Company  entered into a
note payable  totaling  $271,169 for  manufacturing  equipment and furniture and
fixtures.

                 See Notes to Consolidated Financial Statements

                                        5

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


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 the financial
position of the  Company as of March 31, 2002 and  December  31,  2001,  and the
results of its  operations  and cash flows for the three  months ended March 31,
2002 and 2001.  The results of  operations  for the three months ended March 31,
2002 and 2001 are not  necessarily  indicative  of the  results  for a full year
period.

2. Inventories. Inventories at March 31, 2002 and December 31, 2001 consisted of
the following:


                                                  March 31,     December 31,
                                                     2002          2001
                                              --------------  ---------------

  Raw materials                               $   7,170,837    $   7,501,253
  Work-in-process                                 4,381,572        3,001,250
  Finished goods                                 11,333,132       13,716,474
  Less reserve for obsolete inventory            (3,733,924)      (3,395,361)
                                              --------------  ---------------
  Total                                       $  19,151,617    $  20,823,616
                                              ==============  ===============


3. Income Taxes.  The Company has not fully allocated income tax expense between
current  and  deferred  for the  quarters  ended  March 31,  2002 and 2001.  The
effective  tax rate for the three  months ended March 31, 2002 and 2001 is below
the 35% federal  statutory  tax rate,  as the result of research tax credits now
available and the Company's profitable  operations in Ireland which are taxed at
a tax rate that is lower than the Company's U.S. overall effective rate.

4.  Reporting  Comprehensive  Income.  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 March
31, 2002 and December  31,  2001,  the  cumulative  effect of such  transactions
reduced   stockholders'   equity  by   approximately   $646,901  and   $652,940,
respectively. Comprehensive income for the three months ended March 31, 2002 and
2001 is computed as follows:

                                               Three Months Ended
                                                    March 31,
                                            2002              2001
                                         ------------    -------------

Net Income                               $ 2,326,907      $ 1,186,425
Foreign currency translation                   6,039          (42,891)
                                        ------------     -------------
Comprehensive income                     $ 2,332,946      $ 1,143,534
                                        ============     =============


                                       6


                           MERIT MEDICAL SYSTEMS, INC.
       NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
-------------------------------------------------------------------------------


5.  Goodwill and Other  Intangible  Assets.  The Company has adopted,  effective
January 1, 2002,  Statement of Financial  Accounting  Standards  (SFAS) No. 142,
Goodwill and Other  Intangible  Assets.  Under SFAS No. 142, the Company will no
longer  amortize  goodwill  from  past  business  acquisitions  and will  review
annually the impairment of goodwill, or more frequently if impairment indicators
arise.  The  Company has  completed  its  initial  testing of  goodwill  and has
determined that there is no impairment.  The  unamortized  amount of goodwill at
December 31, 2001, was $4.8 million.

With the adoption of SFAS No. 142, the Company  reassessed  the useful lives and
residual  values  of all  acquired  intangible  assets  to  make  any  necessary
amortization period adjustments.  Based on that assessment,  no adjustments were
made to the amortization period or residual values of other intangible assets.

The following table reconciles net income and earnings per share information for
the three  months  ended  March  31,  2002 and  2001,  for the non  amortization
provision of goodwill for SFAS No. 142:



                                                                           Three Months Ended
                                                               March 31,                      March 31 ,
                                                                 2002                             2001
                                                         -------------------------------------------------
                                                                                        
Report net income                                            $2,326,907                       $1,186,425
Add back: goodwill amortization, net of tax                                                       53,615
                                                         -------------------------------------------------
Adjusted net income                                          $2,326,907                        $1,240,040
                                                         =================================================

Basic earnings per share:

  Reported earnings per common share                              $0.17                            $0.10
  Add back: goodwill amortization, net of tax                                                          -*
                                                         -------------------------------------------------
  Adjusted earnings per common share                              $0.17                            $0.10
                                                         =================================================
Diluted earnings per share:

  Reported earnings per common share                             $0.16                             $0.10
  Add back: goodwill amortization, net of tax                                                          -*
                                                         -------------------------------------------------
  Adjusted earnings per common share                              $0.16                             $0.10
                                                         =================================================


*There was no impact on basic and  diluted  earnings  per share for the  $53,615
added back to net income for the three months ended March 31, 2001.

The following table reflects the components of intangible assets as of March 31,
2002:

                                 Gross Carrying   Accumulated
                                    Amount       Amortization          Net
                                  ------------------------------------------
Amortized Intangible Assets:
  Patents                         $2,594,325    $  (691,348)    $  1,902,977
  Trademarks                         348,124       (164,025)         184,099
  Licenses                           591,005       (324,919)         266,086
                                  ------------------------------------------
  Total                           $3,533,454    $(1,180,292)    $  2,353,162
                                  ==========================================
Unamortized Intangible Assets:
  Goodwill                        $5,477,356    $  (712,760)    $  4,764,596
                                   =========================================

6. Stock Split. On March 28, 2002, the Company  announced a five-for-four  stock
split  effective  April 8, 2002. All earnings per share and share data have been
adjusted to reflect the split, because it was consummated prior to releasing the
March 31, 2002 form 10-Q.

                                       7


                           MERIT MEDICAL SYSTEMS, INC.
       NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) (Continued)
--------------------------------------------------------------------------------


Estimated  amortization  expense for the intangible  assets for the current year
and five succeeding fiscal years is as follows:

Aggregate Amortization Expense:
---------------------------------------------
For year ended 12/31/2002                      $235,596

Estimated Amortization Expense:
----------------------------------------------
For year ended 12/31/2003                      $203,940
For year ended 12.31/2004                       183,385
For year ended 12/31/2005                       177,286
For year ended 12/31/2006                       174,496
For year ended 12/31/2007                      $172,283


ITEM 2:

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

Overview

Merit Medical Systems enjoyed its best quarter in history,  experiencing  record
revenues and earnings in the three  months ended March 31, 2002.  The  Company's
sales increased over 7% for the first quarter 2002 compared to the first quarter
of 2001, across most product lines,  particularly inflation devices and catheter
products.  Continued positive momentum in manufacturing  efficiency has resulted
in  favorable  labor and  overhead  utilization  as  compared to the first three
months of 2001.

Management  has continued to reduce  inventory  with an additional  reduction of
almost $1.7 million since  December 31, 2001 and over $9 million during the last
two years. This reduction in inventory has resulted in lower inventory  carrying
costs. The Company's cash flow from operations was a record $6.5 million for the
first three  months of 2002,  and the  Company was able to reduce its  long-term
debt by $5.3 million  during the period.  In just over 19 months the Company has
reduced  its line of credit  balance  over $30  million,  from $30.4  million at
August 24,  2000 to $0 as of March 31,  2002.  This lower  debt,  combined  with
falling  interest  rates,  has  resulted in a  significant  decrease in interest
expense.

Management is pleased to report that the  fundamental  financial  performance of
the Company has improved over the last year in almost every area.  Sales are up,
productivity has increased,  gross margins have improved,  and debt balances and
interest costs are down,  resulting in much improved cash flows, net income, and
earnings per share.

On March 28, 2002 the Company announced that its board of directors had approved
a five-for-four  forward stock split for all  Stockholders of record on April 8,
2002.  All applicable  comparative  financial  information  has been restated to
reflect this stock split.

                                       8


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


Operations.  The Company's  sales and income  increased to record levels for the
three  months  ended  March 31, 2002  compared  to the same period in 2001.  The
Company also  experienced  record  earnings of $2.3 million for the three months
ended March 31, 2002, compared to net income of $1.2 million for the same period
of 2001. The following table sets forth certain operational data as a percentage
of sales for the three months ended March 31, 2002 and 2001:

                                                      Three Months Ended
                                                            March 31,

                                                     2002              2001
                                                   --------------------------

Sales                                                 100.0 %          100.0%
Gross profit                                           38.9             34.4
Selling, general and administrative                    23.4             22.4
Research and development                                3.4              4.2
Income from operations                                 12.1              7.8
Other expense                                            .2              1.6
Net income                                              8.1              4.4


 Sales.  Sales for the first quarter of 2002 increased by 7.0%, or $1.9 million,
compared  to the same  period for 2001.  This  increase  is due to sales  volume
increases  across most of the  Company's  product  families and is compared to a
quarter which was at the time the highest ever,  with some unusually high packer
and OEM orders early last year. The Company  experienced  increased sales of its
inflation  devices (up 10.1%) and catheters (up 9.4%). To a lesser degree,  this
increase was  attributable  to growth in sales of stand alone products (up 5.2%)
and kits (up 4.7%).

Gross Profit.  Gross profit as a percentage of sales increased  significantly in
the first  quarter of 2002 to 38.9% as compared to 34.4% in the first quarter of
2001.  The  Company's  margins are  improving,  due  primarily to an increase in
efficiency  and  productivity   gains  by  the  operations  group  in  the  Utah
facilities.  A lower  head  count in both  direct  labor and  overhead  areas of
production contributed to higher productivity.  Continued improvements are still
possible at the  Angleton  plant which  continues  to have excess  overhead  and
capacity  that  negatively  effect  margins,  but  the  negative  variances  are
beginning to shrink.

Operating  Expenses.  Operating  expenses  increased slightly as a percentage of
sales to 26.7% of sales in the first  quarter of 2002  compared  to 26.6% in the
first quarter of 2001. Selling, general and administrative costs as a percentage
of sales increased to 23.4%, in 2002, compared to 22.4% for the first quarter of
2001.  The  increase  as a  percentage  of sales in the  current  period was due
primarily to an increase in expenses that exceeded,  as a percentage  basis, the
increase in revenues.  These additional expenditures were related principally to
increased costs of expanding the direct sales force and their management both in
United  States  and  international  markets  as well as some  marketing  expense
increases.  Research and development  expenses dropped by $166,783 and were 3.4%
of sales in the first  quarter of 2002  compared  to 4.2% of sales for the first
quarter of 2001. This decrease in expense was due primarily to the conversion of
research and development  resources to manufacturing  resources  associated with
the new diagnostic wire product in Ireland.

Income.  During the quarter ended March 31, 2002,  the Company  reported  income
from operations of $3.5 million,  an increase of 67% from income from operations
of $2.1  million for the  comparable  period in 2001.  The increase in operating
income for the most recent quarter was attributable primarily to increased sales
and higher gross margins. Lower debt balances and interest rates helped decrease
interest expense. This combined for a net income of $2.3 million for the quarter
ended  March 31,  2002  compared  to a net income of $1.2  million  for the same
quarter of 2001.

Liquidity  and Capital  Resources.  At March 31,  2002,  the  Company's  working
capital was $24.4  million,  which  represented  a current ratio of 2.9 to 1. In
March 2000, in an effort to reduce bank fees, the Company decreased an available
secured bank line of credit to $22 million.  At March 31, 2001, the  outstanding
balance  under the line of credit was $0  representing  a reduction  of over $30
million in about 19 months.  Historically,  the Company has incurred significant


                                       9


MANAGEMENT'S  DISCUSSION  AND  ANALYSIS OF  FINANCIAL  CONDITION  AND RESULTS OF
OPERATIONS
--------------------------------------------------------------------------------
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 source of funding for these
and  other  expenses  has been  the  sale of  equity  and  cash  generated  from
operations,  secured  loans on equipment  and bank lines of credit.  The Company
believes that its present  sources of liquidity and capital are adequate for its
current operations.

Critical Accounting Policies and Estimates.  In December 2001, the SEC requested
that all registrants  discuss their most critical accounting  policies.  The SEC
indicated that a "critical  accounting policy" is one which is both important to
the representation of the Company's financial condition and results and requires
management's most difficult,  subjective or complex judgments, often as a result
of the need to make  estimates  about the effect of matters that are  inherently
uncertain.  The Company bases  estimates on past experience and on various other
assumptions  that are believed to be  reasonable  under the  circumstances,  the
results of which form the basis for making  judgments  about carrying  values of
assets and liabilities that are not readily apparent from other sources.  Actual
results  may  differ  from  these  estimates  under  different   assumptions  or
conditions. The following are the Company's most critical accounting policies:

Inventory  Obsolescence  Reserve:  The  Company  writes down its  inventory  for
estimated obsolescence for unmarketable and slow moving products that may expire
prior to being  sold.  If market  conditions  become less  favorable  than those
projected by management,  additional inventory write-downs may be required.  The
Company's obsolescence reserve was $3.7 million on March 31, 2002.

Allowance for Doubtful Accounts:  The Company maintains  allowances for doubtful
accounts for estimated  losses resulting from the inability of customers to make
required payments. The allowance is based upon historical experience and current
customer information. If the financial condition of the Company's customers were
to  deteriorate,  resulting in an impairment of their ability to make  payments,
additional  allowances  may be  required.  The  Company's  bad debt  reserve was
$451,751  at March  31,  2002,  in line  with  its  historical  experience  with
collection of receivables.

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," or "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,  timely 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 are 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 a person  acting on its behalf are
expressly qualified in their entirety by these cautionary statements.

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ITEM 3:

QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISK

The  Company  principally  hedges the EURO  currency.  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 the financial  position or
results of operations to the Company.  The Company does not invest in hedges for
speculative proposes.

                           PART II - OTHER INFORMATION

ITEM 6: Exhibits and Reports on Form 8-K

          (a) Exhibits   - None

          (b) Reports on Form 8-K - The Company filed a report on Form 8-K dated
              February  15,  2002  to  report  certain   financial   information
              discussed  in the  Company's  2001 fourth  quarter  and  year-end
              conference call.

                                       11





MERIT MEDICAL SYSTEMS, INC

                                   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:     May 14, 2002             /s/: FRED P. LAMPROPOULOS
       -----------------------------------------------------------------------
                                        FRED P. LAMPROPOULOS
                                        PRESIDENT AND CHIEF EXECUTIVE OFFICER





Date:     May 14, 2002            /s/: KENT W. STANGER
       -----------------------------------------------------------------------
                                       KENT W. STANGER
                                       SECRETARY AND CHIEF FINANCIAL OFFICER


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