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, 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. Employer Identification No.)
   incorporation or organization)

               1600 West Merit Park Way, South Jordan, Utah, 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                                         13,706,687
  --------------                             -------------------------------
  TITLE OR CLASS                             Number of shares Outstanding at
                                                   August 12, 2002










                           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, 2002
                 and  December 31, 2001                                                  1


                 Consolidated Statements of Operations for
                 the three and six months ended June 30, 2002 and 2001                   3

                 Consolidated Statements of Cash Flows for the six months
                 ended June 30, 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. Quantitative and Qualitative Disclosure About Market Risk                   11

  PART II.  OTHER INFORMATION

    Item 4.     Submission of Matters to a Vote of Security Holders                     11

    Item 6.     Exhibits and Reports on Form 8-K                                        12

  SIGNATURES                                                                            12











                         PART I - FINANCIAL INFORMATION

  ITEM 1:

   FINANCIAL STATEMENTS



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

  CONSOLIDATED BALANCE SHEETS
  JUNE 30, 2002 AND DECEMBER 31, 2001 (Unaudited)
--------------------------------------------------------------------------------

                                                                         June  30,       December 31,
                                                                           2002             2001
                                                                     ---------------   --------------
ASSETS
-------
                                                                                    
  CURRENT ASSETS:
  Cash and cash equivalents                                           $    3,656,071      $   341,690
  Short-term investments                                                     223,956           85,286
  Trade receivables - net                                                 15,986,060       14,748,021
  Employee and related
    party receivables                                                        105,011          266,905
  Irish Development Agency grant receivable                                                    98,081
  Inventories                                                             20,006,704       20,823,616
  Prepaid expenses and other assets                                          865,839          514,786
  Deferred income tax assets                                                 723,299          723,299
                                                                     ---------------   --------------
  Total current assets                                                    41,566,940       37,601,684
                                                                     ---------------   --------------

  PROPERTY AND EQUIPMENT:
  Land                                                                     1,252,066        1,252,066
  Building                                                                 1,500,000        1,500,000
  Manufacturing equipment                                                 24,096,212       23,289,880
  Automobiles                                                                 87,536           91,573
  Furniture and fixtures                                                  10,460,550        9,963,045
  Leasehold improvements                                                   5,872,659        5,659,457
  Construction-in-progress                                                 2,556,782        1,738,540
                                                                     ---------------   --------------
  Total                                                                   45,825,805       43,494,561
  Less accumulated depreciation
    and amortization                                                     (23,788,721)     (21,671,501)
                                                                     ---------------   --------------
  Property and equipment - net                                            22,037,084       21,823,060
                                                                     ---------------   --------------

  OTHER ASSETS:
  Intangible assets - net                                                  2,154,435        2,434,632
  Deposits                                                                    34,978           34,843
  Cost in excess of the fair value of assets  acquired-net                 4,764,596        4,764,596
                                                                     ---------------   --------------
  Total other assets                                                       6,954,009        7,234,071
                                                                     ---------------   --------------

  TOTAL ASSETS                                                          $ 70,558,033     $ 66,658,815
                                                                     ===============   ==============



  Continued on Page 2
  See Notes to Consolidated Financial Statements

                                        1




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

  CONSOLIDATED BALANCE SHEETS (Continued)
  JUNE 30, 2002 AND DECEMBER 31, 2001  (Unaudited)
--------------------------------------------------------------------------------


                                                                         June  30,       December 31,
                                                                           2002             2001
                                                                    ----------------    --------------

                                                                                     
  LIABILITIES AND STOCKHOLDERS'
  EQUITY
  CURRENT LIABILITIES:
  Current portion of long-term debt                                   $      495,463       $  598,086
  Trade payables                                                           4,715,390        4,659,295
  Accrued expenses                                                         6,941,030        4,817,595
  Advances from employees                                                    168,967          128,624
  Income taxes payable                                                       290,427          486,763
                                                                    ----------------    --------------
  Total current liabilities                                               12,611,277       10,690,363

  DEFERRED INCOME TAX LIABILITIES                                          1,732,723        1,654,383

  LONG-TERM DEBT                                                             199,192        5,727,381

  DEFERRED CREDITS                                                           845,897          928,280
                                                                    ----------------    --------------

  Total Liabilities                                                       15,389,089       19,000,407
                                                                    ----------------    --------------


  STOCKHOLDERS' EQUITY:
  Preferred stock- 5,000,000 shares  authorized
     as of June 30, 2002 and December
     31, 2001, respectively, no shares issued

  Common stock- no par  value;  20,000,000  shares
     authorized;  13,696,098  and
     13,377,020 shares issued at June 30,
     2002 and December 31, 2001,
     respectively                                                         28,350,049       25,958,295
  Retained earnings                                                       27,381,774       22,353,053
  Accumulated other comprehensive loss                                     (562,879)         (652,940)
                                                                    ----------------    --------------
  Total stockholders' equity                                              55,168,944       47,658,408
                                                                    ----------------    --------------

  TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                            $ 70,558,033     $ 66,658,815
                                                                     ----------------    --------------



                 See Notes to Consolidated Financial Statements

                                        2



MERIT MEDICAL SYSTEM, INC.
--------------------------

CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2002 and 2001    (Unaudited)
--------------------------------------------------------------------------------


                                               Three Months Ended             Six Months Ended
                                                   June 30,                       June 30,
                                        ----------------------------    ---------------------------

                                             2002            2001          2002            2001
                                        ------------    ------------    ------------   ------------
                                                                           
NET SALES                               $ 28,789,370    $ 26,264,015    $ 57,461,538   $ 53,052,388

COST OF SALES                             16,756,292      16,837,858      34,276,680     34,406,857
                                        ------------    ------------    ------------   ------------
GROSS PROFIT                              12,033,078       9,426,157      23,184,858     18,645,531
                                        ------------    ------------    ------------   ------------
OPERATING EXPENSES:
  Selling, general and administrative      6,984,180       6,158,130      13,689,428     12,164,203
  Research and development                   944,879       1,090,791       1,908,168      2,220,863
                                        ------------    ------------    ------------   ------------
  TOTAL OPERATING EXPENSES                 7,929,059       7,248,921      15,597,596     14,385,066
                                        ------------    ------------    ------------   ------------
INCOME FROM OPERATIONS                     4,104,019       2,177,236       7,587,262      4,260,465

GAIN ON SALE OF LAND                                        (786,279)                      (786,279)

OTHER  EXPENSE - NET                          26,098         318,787          86,460        754,854

INCOME BEFORE INCOME TAXES                 4,077,921       2,644,728       7,500,802      4,291,890


INCOME TAX EXPENSE                         1,376,107         785,935       2,472,081      1,246,672
                                        ------------    ------------    ------------   ------------

NET INCOME                              $  2,701,814    $  1,858,793    $  5,028,721   $  3,045,218

EARNINGS PER COMMON SHARE -
   Basic                                $       0.20    $       0.15    $       0.37   $       0.25
                                        ============    ============    ============   ============
   Diluted                              $       0.18    $       0.14    $       0.34   $       0.24
                                        ============    ============    ============   ============

AVERAGE COMMON SHARES -
   Basic                                  13,535,651      12,336,344      13,476,275     12,258,742
                                        ============    ============    ============   ============
   Diluted                                14,750,259      12,880,073      14,631,076     12,607,819
                                        ============    ============    ============   ============


See Notes to Consolidated Financial Statements

                                        3

MERIT MEDICAL SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2002 AND 2001     (Unaudited)
-------------------------------------------------------------------------------

                                                        June 30,       June 30,
                                                          2002           2001
                                                      ----------       --------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income                                           $ 5,028,721    $ 3,045,218
                                                      ----------       --------
Adjustments to reconcile net income to net
 cash provided by operating activities:
Depreciation and amortization                          2,247,503      2,248,160
Bad debt expense                                         127,182        124,558
Losses (gains) on sales and abandonment of
  property, equipment and land                               888       (786,279)
Amortization of deferred credits                         (93,221)       (68,912)
Abandonment of certain patents and trademarks            177,816
Deferred income taxes                                     78,340         84,824
Changes in operating assets and liabilities:
  Trade receivables                                   (1,365,221)    (1,217,353)
  Employee and related party receivables                 161,894         14,405
   Short-term investments                               (138,670)
   Irish Development Agency grant receivable             108,919        173,415
   Inventories                                           816,912      2,968,792
   Prepaid expenses and other assets                    (351,053)       (26,721)
   Deposits                                                 (135)         2,285
   Trade payables                                         56,095        (36,911)
   Accrued expenses                                    2,123,435      1,407,533
   Advances from employees                                40,343         13,743
   Income taxes payable                                 (196,336)     1,393,280
                                                      ----------       --------
    Total adjustments                                  3,794,691      6,294,819
                                                      ----------       --------
Net cash provided by operating activities              8,823,412      9,340,037
                                                      ----------       --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures for:
  Property and equipment                              (2,089,241)    (1,693,544)
  Intangible assets                                                    (129,743)
Proceeds from sale of property, equipment and land           376        938,303
                                                      ----------       --------
Net cash used in investing activities                 (2,088,865)      (884,984)
                                                      ----------       --------

See Notes to Consolidated Financial Statements

                                        4






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

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
FOR THE SIX MONTHS ENDED JUNE 30, 2002 AND 2001              (Unaudited)
--------------------------------------------------------------------------------

                                                                  June 30,       June 30,
                                                                   2002           2001
                                                                ----------     ----------
                                                                        
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock                         $ 2,391,754    $ 1,378,251
Principal payments on long-term debt                            (5,901,981)    (9,830,435)
                                                                ----------     ----------
Net cash used in financing activities                           (3,510,227)    (8,452,184)
                                                                ----------     ----------
EFFECT OF EXCHANGE RATES ON CASH                                    90,061        (56,510)
                                                                ----------     ----------
NET INCREASE (DECREASE) IN CASH                                  3,314,381        (53,641)
                                                                ----------     ----------
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                   341,690        412,384

CASH AND CASH EQUIVALENTS AT END OF PERIOD                     $ 3,656,071    $   358,743
                                                                ==========     ==========
SUPPLEMENTAL DISCLOSURES OF CASH
  FLOW INFORMATION:
  Cash paid during the period for interest (including
  capitalized interest of $17,282 and $44,738, respectively)   $    78,614    $   804,396
                                                                ==========     ==========
  Income taxes                                                 $ 1,099,649    $   120,565
                                                                ==========     ==========


SUPPLEMENTAL DISCLOSURE OF NONCASH
INVESTING AND FINANCING ACTIVITIES:

During the six months ended June 30,  2001,  the Company  issued  notes  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
--------------------------------------------------------------------------------



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,  2002 and  December  31,  2001,  and the
results of its operations and cash flows for the three and six months ended June
30, 2002 and 2001.  The results of operations for the three and six months ended
June 30,  2002 and 2001 are not  necessarily  indicative  of the  results  for a
full-year period.

2.  Inventories. Inventories at June 30, 2002 and December 31, 2001 consisted of
the following:

                                            June 30,           December 31,
                                             2002                 2001
                                       ---------------       ----------------

Raw materials                          $    7,174,627        $     7,501,253
Work-in-process                             4,332,097              3,001,250
Finished goods                             12,263,900             13,716,474
Less reserve for obsolete inventory        (3,763,920)            (3,395,361)
                                       ---------------        ---------------
Total                                  $   20,006,704        $    20,823,616
                                       ===============       ================

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, 2002 and
2001.  The  effective tax rates for the three and six months ended June 30, 2002
and 2001 were below the 35% federal  statutory  rate as the result of  increased
research tax credits 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
tax 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 June
30, 2002 and December  31,  2001,  the  cumulative  effect of such  transactions
reduced   stockholders'   equity  by  $562,879   and   $652,940,   respectively.
Comprehensive  income for the three and six months  ended June 30, 2002 and 2001
has been computed as follows:



                                   Three months ended          Six months ended
                               -------------------------    --------------------------
                                        June 30,                    June 30,
                                        --------                    --------
                                   2002          2001           2002          2001
                               -----------   -----------    -----------   ------------

                                                              
Net income                     $ 2,701,814   $ 1,858,793    $ 5,028,721   $ 3,045,218
Foreign currency translation        87,655       (13,619)        90,061       (56,510)
                               -----------   -----------    -----------   -----------
Comprehensive income           $ 2,789,469   $ 1,845,174    $ 5,118,782   $ 2,988,708
                               ===========   ===========    ===========   ===========














                                       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 and six months ended June 30, 2002 and 2001, for the non  amortization
provision of goodwill for SFAS No. 142:



                                                Three Months Ended          Six Months Ended
                                                     June 30,                    June 30,
                                              -----------------------   ------------------------
                                               2002           2001         2002          2001
                                              -----------------------   ------------------------

                                                                         
Reported net income                           $2,701,814   $1,858,793   $5,028,721   $3,045,218
Add back: goodwill amortization, net of tax         --         53,615         --        107,230
                                              -----------------------   ------------------------
Adjusted net income                           $2,701,814   $1,912,408   $5,028,721   $3,152,448
                                              =======================   ========================


Basic earnings per share:

  Reported earnings per common share            $0.20        $0.15       $0.37         $0.25
  Add back: goodwill amortization, net of tax                 0.01                      0.01
                                               ----------------------   ------------------------
  Adjusted earnings per common share            $0.20        $0.16       $0.37         $0.26
                                              =======================   ========================
Diluted earnings per share:

  Reported earnings per common share            $0.18        $0.14       $0.34         $0.24
  Add back: goodwill amortization, net of tax                 0.01                      0.01
                                               ----------------------   ------------------------
  Adjusted earnings per common share            $0.18        $0.15       $0.34         $0.25
                                              =======================   ========================




The following table reflects the components of intangible  assets as of June 30,
2002:



                                             Gross Carrying       Accumulated
                                            Amount            Amortization                Net
                                        --------------------------------------------------------
                                                                            
Amortized Intangible Assets:
  Patents                                 $ 2,335,287          $  (603,470)          $ 1,731,817
  Trademarks                                  341,409             (167,012)              174,397
  Licenses                                    591,005             (342,784)              248,221
                                          -------------------------------------------------------
  Total                                   $ 3,267,701          $(1,113,266)          $ 2,154,435
                                          =======================================================

Unamortized Intangible Assets:
  Goodwill                                $ 5,477,356          $  (712,760)          $ 4,764,596
                                          =======================================================




                                       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

6. Accounting for the Impairment or Disposal of Long-Lived  Assets. In August of
2001,  SFAS No. 144,  Accounting  for the  Impairment  or Disposal of Long-Lived
Assets,  was issued which addresses  accounting and financial  reporting for the
impairment of disposal of long-lived  assets.  This  statement was effective for
the Company  beginning  January 1, 2002.  The effect on the Company's  financial
statements of adopting this statement was not significant.

7. Stock Split. On March 28, 2002, the Company  announced a five-for-four  stock
forward split effective April 8, 2002. The stock split entitled each stockholder
of record to receive an  additional  share for every four shares of common stock
held.  All earnings  per share and share data have been  adjusted to reflect the
split.

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 10%
for the second quarter 2002 compared to the second  quarter of 2001,  across all
product  lines,  including  kits,  stand-alone  devices,  inflation  devices and
catheters.  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  compared to the first few months of 2001.  Management believes that
this trend toward lower costs per unit and higher gross  margins will  continue,
although not in so dramatic a manner.

Merit is pleased to announce a  significant  reduction in its  inventory of over
$8.6 million  since January 2000,  along with the  associated  benefits of lower
inventory  carrying costs. The Company's cash flow from operations  continues to
be strong  (over  $8.6  million in cash flow from  operations  for the first six
months of 2002),  resulting in a decline of the Company's line of credit balance
from $30.4  million at August 24, 2000 to $0 as of March 31,  2002.  The Company
has since built cash balances of over $3.7 million.  Therefore,  the Company has
paid back the bank $30  million in less than  twenty  months.  This lower  debt,
combined with falling interest rates, has resulted in a significant  decrease in
interest expense.

                                       8


MERIT MEDICAL SYSTEMS, INC.

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

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,  and
interest  costs are down,  resulting in much improved cash flow,  net income and
earnings per share.

Operations.  The  Company  enjoyed  its 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, 2002 and 2001:



                                              Three Months Ended                 Six Months Ended
                                                   June 30,                          June 30,
                                                  ---------                          --------
                                            2002             2001               2002             2001
                                          --------         --------           --------          ------
                                                                                    
Sales                                       100.0 %          100.0%            100.0%           100.0%
Gross profit                                 41.8             35.9              40.3             35.1
Selling, general and administrative          24.3             23.4              23.8             22.9
Research and development                      3.3              4.2               3.3              4.2
Income from operations                       14.3              8.3              13.2              8.0
Other expense (income)                       (1.8)              .2               (.1)
Net Income                                    9.4              7.1               8.8              5.7


Sales.  Sales for the  three  months  ended  June 30,  2002 were a record  $28.8
million,  compared to $26.3 million for the same period last year,  representing
an increase of 10%.  Merit's  increased  sales were fueled by growth in sales of
custom  kits,  which  rose by 13%,  stand-alone  products  which grew by 10% and
inflation device and catheter sales, each of which grew by 8%. For the six-month
period ended June 30, 2002,  total sales were a record  $57.5  million  compared
with $53.1  million  for the same period in 2001,  an increase of 8%.  Growth in
sales for the six-month  period was attributable to growth in sales of inflation
devices, catheters and custom kits, all of which grew by 9%, as well as sales of
stand-alone products which grew by 7%.

Gross  Margin.  For the three  months  ended June 30,  2002,  gross  margin as a
percentage of sales was 41.8% compared to 35.9% for the same period in 2001. For
the six months ended June 30, 2002, gross margin was 40.3%, as compared to 35.1%
for the same  period  in 2001.  The  significant  rise in  gross  margin  is the
greatest contributing factor to the large rises in both operating income and net
income. The increase in gross margin for the three and six months ended June 30,
2002 was  primarily  the  result  of lower  costs  per unit for both  labor  and
overhead.  The Company is benefiting  from an almost 20% reduction in head count
and a 10% reduction in inventory, while growing the top line by over 14% in 2001
and over 8% so far in 2002.

Operating  Expenses.  Operating  expenses  remained  constant as a percentage of
sales at 27.5%  and  27.1% for the three  and six  months  ended  June 30,  2002
respectively,  compared to 27.5% and 27.1% for the three  months and six months,
respectively,  ended June 30, 2001. Selling, general and administrative expenses
increased  as a  percentage  of sales to 24.3%  and  23.8% for the three and six
months  ended  June  30,  2002,  respectively,  compared  to  23.4%  and  22.9%,
respectively,  for the comparable periods in 2001. The S,G&A expense was higher
in 2002 than it would have been  because  of an  unusual  write off of some high
maintenance cost international intellectual property that the Company has chosen
not to continue.  Research and  development  costs declined to 3.3% of sales for
the three months  ended June 30,  2002,  compared to 4.2% for the same period in
2001.  For  the six  months  ended  June  30,  2002,  research  and  development
expenditures  decreased  to 3.3% of  sales,  down from 4.2% of sales for the six
months ended June 30, 2001.

Operating  Income.  During the three  months  ended June 30,  2002,  the Company
reported  income from  operations of $4.1 million  compared to $2.2 million,  an
increase of 88%, for the  comparable  period in 2001.  Operating  income for the
first six months of 2002 was $7.6 million  compared to $4.3 million in 2001,  an
increase of 78%.

                                       9

MERIT MEDICAL SYSTEMS, INC.

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

Net income for the three months  ended June 30, 2002  increased to a record $2.7
million  from $1.9  million  for the same  three-month  period of 2001,  and net
income for the six months  ended June 30,  2002,  grew to a record $5.0  million
compared  to $3.0  million  for the first half of 2001.  The  comparison  of net
income  for the  second  quarter of 2002 would have grown by 107% if not for the
sale of land in June of 2001.

Liquidity and Capital Resources. At June 30, 2002, the Company's working capital
was $29.0  million,  which  represented a current ratio of 3.3 to 1. At June 30,
2002, the outstanding balance under the line of credit was $0. Historically, the
Company has incurred significant expenses in connection with product development
and introduction of new products. 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. Now that the
Company's debt has been eliminated we believe that the cash flow from operations
will be sufficient 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 $3.8 million on June 30, 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
$533,621  at June  30,  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,"  "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,  decrease  in
productivity,  increase in  interest  costs,  development  of new  products  and
techniques  that  render  the  Company's  products  obsolete,  foreign  currency
fluctuation,

                                       10


MERIT MEDICAL SYSTEMS, INC.

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

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.

Item 3:

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company principally hedges the EURO. 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, 2002 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          Shares
                                            Voted For      Abstained
                                           -----------    -----------
              Rex C. Bean                   11,136,779         88,161
              Richard W. Edelman            11,136,216         88,724

Each of the following persons' term of office continued after the meeting:  Fred
P.  Lampropoulos,  Kent W. Stanger,  James J. Ellis and Michael E.  Stillabower,
M.D.

         B.   Selection of Auditors.
              ---------------------

              A proposal to ratify the  appointment  of Deloitte & Touche LLP as
the  independent  auditor of the Company for fiscal  2002 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 11,031,725.  The number
of  shares  voted  against  such  proposal  was  145,457  The  number  of shares
abstaining from voting was 47,758.

                                       11








MERIT MEDICAL SYSTEMS, INC.

                           PART II - OTHER INFORMATION

ITEM 6: Exhibits and Reports on Form 8-K

         (a)  Exhibits  - None
         (b)  Reports on Form 8-K - 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 12, 2002          /s/:  FRED P. LAMPROPOULOS
      ---------------          -------------------------------------------------
                                     FRED P. LAMPROPOULOS
                                     PRESIDENT AND CHIEF EXECUTIVE OFFICER

Date: AUGUST 12, 2002          /s/:  KENT W. STANGER
      ---------------          -------------------------------------------------
                                     KENT W. STANGER
                                     VICE PRESIDENT AND CHIEF FINANCIAL OFFICER



                                  CERTIFICATION
                                  -------------

In connection with the accompanying Form 10-Q of Merit Medical Systems, Inc. for
the  quarter  ended June 30,  2002,  the  following  officers  of Merit  Medical
Systems, Inc. hereby certify that, to the best of their knowledge and belief:

               1-   such Form  10-Q  fully  complies  with the  requirements  of
                    section  13(a) or 15(d) of the  Securities  Exchange  Act of
                    1934; and

               2-   the information contained in such Form 10-Q fairly presents,
                    in  all  material  respects,  the  financial  condition  and
                    results of Merit Medical Systems, Inc.

By:          /s/:   Fred P. Lampropoulos
             -----------------------------------------------
                    Fred P. Lampropoulos
                    President and Chief Executive Officer

            /s/:    Kent W. Stanger
            ------------------------------------------------
                    Kent W. Stanger
                    Chief Financial Officer

Date: August 13, 2002
      ---------------


                                       12