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, 2003

                                       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 incorporation or organization)         (I.R.S. Employer Identification No.)

               1600 West Merit Parkway, 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                                          14,363,964
--------------------                            -------------------------------
   TITLE OR CLASS                               Number of shares Outstanding at
                                                        August 8, 2003






                           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, 2003
                  and December 31, 2002  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  1

                  Consolidated Statements of Operations for the three and six months
                  ended June 30, 2003 and 2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  3

                  Consolidated Statements of Cash Flows for the six months
                  ended June 30, 2003 and 2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  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  . . . . . . . . . . . . . . . . . . . . . . 13

    Item 4. Controls and Procedures  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

  PART II.  OTHER INFORMATION

    Item 4.     Submission of Matters to a Vote of Security Holders  . . . . . . . . . . . . . . . . . . . . . . . 14

    Item 6.     Exhibits and Reports on Form 8-K . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

  SIGNATURES.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

   CERTIFICATIONS  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20






                         PART I - FINANCIAL INFORMATION

  ITEM 1:

   FINANCIAL STATEMENTS



  MERIT MEDICAL SYSTEMS, INC.

  CONSOLIDATED BALANCE SHEETS
  JUNE 30, 2003 AND DECEMBER 31, 2002 (Unaudited)
  ------------------------------------------------------------------------------

                                                                     June 30,      December 31,
                                                                       2003           2002
                                                                  ------------    ------------
ASSETS
------
                                                                            
  CURRENT ASSETS:
Cash and cash equivalents                                         $ 20,802,823    $  9,683,578
Short-term investments                                                 435,254         217,451
Trade receivables - net                                             17,564,611      15,247,892
Other receivables                                                         --         1,209,804
Employee and related
  party receivables                                                    247,007         299,751
Inventories                                                         17,903,362      18,699,217
Prepaid expenses and other assets                                      971,326         667,151
Deferred income tax assets                                             153,150         143,265
                                                                  ------------    ------------
Total current assets                                                58,077,533      46,168,109
                                                                  ------------    ------------

PROPERTY AND EQUIPMENT:
Land                                                                 2,740,394       2,034,522
Building                                                             5,120,410       5,118,683
Manufacturing equipment                                             26,680,012      25,577,837
Automobiles                                                             87,536          87,536
Furniture and fixtures                                              11,172,487      10,823,852
Leasehold improvements                                               4,514,989       4,345,620
Construction-in-progress                                             4,724,359       3,008,734
                                                                  ------------    ------------
Total                                                               55,040,187      50,996,784
Less accumulated depreciation
  and amortization                                                 (27,702,727)    (25,584,648)
                                                                  ------------    ------------
Property and equipment - net                                        27,337,460      25,412,136
                                                                  ------------    ------------

OTHER ASSETS:
Patents, trademarks and licenses- net                                1,871,694       1,927,160
Deposits                                                                32,163          33,213
Goodwill - net                                                       4,764,596       4,764,596
                                                                  ------------    ------------
Total other assets                                                   6,668,453       6,724,969
                                                                  ------------    ------------

TOTAL ASSETS                                                      $ 92,083,446    $ 78,305,214
                                                                  ============    ============



Continued on Page 2
See Notes to Consolidated Financial Statements



                                       1






MERIT MEDICAL SYSTEMS, INC.

CONSOLIDATED BALANCE SHEETS (Continued)
JUNE 30, 2003 AND DECEMBER 31, 2002 (Unaudited)
--------------------------------------------------------------------------------


  LIABILITIES AND STOCKHOLDERS'  EQUITY                              June 30,      December 31,
                                                                       2003            2002
                                                                  ------------    ------------
                                                                            
CURRENT LIABILITIES:
Current portion of long-term debt                                 $    199,192    $    400,182
Trade payables                                                       5,335,292       4,121,577
Accrued expenses                                                     7,530,149       6,618,407
Advances from employees                                                158,887         161,529
Income taxes payable                                                 1,937,698         284,148
                                                                  ------------    ------------
Total current liabilities                                           15,161,218      11,585,843

DEFERRED INCOME TAX LIABILITIES                                      2,470,268       2,443,156

LONG-TERM DEBT                                                            --            16,693

DEFERRED CREDITS                                                       710,720         860,931
                                                                  ------------    ------------

Total liabilities                                                   18,342,206      14,906,623
                                                                  ------------    ------------


STOCKHOLDERS' EQUITY:
Preferred stock- 5,000,000 shares authorized; no shares issued
Common stock- no par value; 50,000,000 and 20,000,000
   shares authorized, respectively, 14,246,967 and 13,864,052
   shares issued at June 30, 2003 and December 31, 2002,
   respectively                                                     32,584,305      30,265,963
Retained earnings                                                   41,620,826      33,663,083
Accumulated other comprehensive loss                                  (463,891)       (530,455)
                                                                  ------------    ------------
Total stockholders' equity                                          73,741,240      63,398,591
                                                                  ------------    ------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                        $ 92,083,446    $ 78,305,214
                                                                  ============    ============



  See Notes to Consolidated Financial Statements




                                       2






MERIT MEDICAL SYSTEM, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2003 and 2002 (Unaudited)
---------------------------------------------------------------------------------------------------


                                             Three Months Ended             Six Months Ended
                                                  June 30,                       June 30,
                                        ----------------------------   ----------------------------
                                            2003            2002           2003            2002
                                        ------------    ------------   ------------    ------------

                                                                           
NET SALES                               $ 34,577,305    $ 28,789,370   $ 66,318,878    $ 57,461,538

COST OF SALES                             19,396,384      16,756,292     37,866,768      34,276,680
                                        ------------    ------------   ------------    ------------

GROSS PROFIT                              15,180,921      12,033,078     28,452,110      23,184,858
                                        ------------    ------------   ------------    ------------

OPERATING EXPENSES:
  Selling, general and administrative      7,650,977       6,984,180     14,840,524      13,689,428
  Research and development                 1,178,491         944,879      2,294,893       1,908,168
                                        ------------    ------------   ------------    ------------
Total operating expenses                   8,829,468       7,929,059     17,135,417      15,597,596
                                        ------------    ------------   ------------    ------------

INCOME FROM OPERATIONS                     6,351,453       4,104,019     11,316,693       7,587,262

OTHER (INCOME) EXPENSE:
  Other (income) expense                     (75,691)         26,098       (143,797)         86,460
  Litigation settlement                         --              --         (475,000)           --
  Gains on sale of land                     (182,433)           --         (507,928)           --
                                        ------------    ------------   ------------    ------------
Total other (income) expense                (258,124)         26,098     (1,126,725)         86,460
                                        ------------    ------------   ------------    ------------

INCOME BEFORE INCOME TAXES                 6,609,577       4,077,921     12,443,418       7,500,802

INCOME TAX EXPENSE                         2,404,031       1,376,107      4,485,675       2,472,081
                                        ------------    ------------   ------------    ------------

NET INCOME                              $  4,205,546    $  2,701,814   $  7,957,743    $  5,028,721
                                        ============    ============   ============    ============

EARNINGS PER COMMON SHARE:
   Basic                                $       0.30    $       0.20   $       0.56    $       0.37
                                        ============    ============   ============    ============
 Diluted                                $       0.28    $       0.18   $       0.53    $       0.34
                                        ============    ============   ============    ============



AVERAGE COMMON SHARES:
   Basic                                  14,176,049      13,535,651     14,128,797      13,476,275
                                        ============    ============   ============    ============
  Diluted                                 15,028,756      14,750,259     14,982,878      14,631,076
                                        ============    ============   ============    ============


PROFORMA EARNINGS PER COMMON
SHARE (see Note 5):

EARNINGS PER COMMON SHARE:
   Basic                                $       0.22    $       0.15   $       0.42    $       0.28
                                        ============    ============   ============    ============
   Diluted                              $       0.21    $       0.14   $       0.40    $       0.26
                                        ============    ============   ============    ============


AVERAGE COMMON SHARES:
   Basic                                  18,901,399      18,047,535     18,838,396      17,968,367
                                        ============    ============   ============    ============
   Diluted                                20,038,341      19,667,012     19,977,171      19,508,101
                                        ============    ============   ============    ============



See Notes to Consolidated Financial Statement


                                       3





MERIT MEDICAL SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2003 AND 2002     (Unaudited)
---------------------------------------------------------------------------------------

                                                             June 30,         June 30,
                                                               2003             2002
                                                           ------------    ------------
                                                                     
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income                                                 $  7,957,743    $  5,028,721
                                                           ------------    ------------
Adjustments to reconcile net income to net
 cash provided by operating activities:
Depreciation and amortization                                 2,235,580       2,247,503
Bad debt expense
(Gains) losses  on sales and abandonment of                     153,909         127,182
  property, equipment and land                                 (507,756)            888
Amortization of deferred credits                                (81,037)        (93,221)
Abandonment of certain patents and trademarks                      --           177,816
Deferred income taxes                                            17,227          78,340
Tax benefit attributable to appreciation of common              629,851       1,490,428
  stock options exercised
Changes in operating assets and liabilities:
  Short-term investments                                       (217,803)       (138,670)
  Trade receivables                                          (2,470,628)     (1,365,221)
  Other receivables                                           1,209,804            --
  Employee and related party receivables                         52,744         161,894
  Irish Development Agency grant receivable                        --           108,919
  Inventories                                                   795,855         816,912
  Prepaid expenses and other assets                            (304,175)       (351,053)
  Deposits                                                        1,050            (135)
  Trade payables                                              1,213,715          56,095
  Accrued expenses                                              832,809       2,123,435
  Advances from employees                                        (2,642)         40,343
  Income taxes payable                                        1,653,550        (196,336)
                                                           ------------    ------------
  Total adjustments                                           5,212,053       5,285,119
                                                           ------------    ------------

  Net cash provided by operating activities                  13,169,796      10,313,840
                                                           ------------    ------------

CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures for:
  Property and equipment                                     (4,144,640)     (2,089,241)
  Patents and trademarks                                        (12,707)           --
Proceeds from sale of property, equipment and land              569,424             376
                                                           ------------    ------------
Net cash used in investing activities                        (3,587,923)     (2,088,865)
                                                           ------------    ------------




See Notes to Consolidated Financial Statements


                                       4





MERIT MEDICAL SYSTEMS, INC.


CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
FOR THE SIX MONTHS ENDED JUNE 30, 2003 AND 2002 (Unaudited)
----------------------------------------------------------------------------------------



                                                        June 30,        June 30,
                                                           2003           2002
                                                      ------------    ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
                                                                
Proceeds from issuance of common stock                $  1,688,491    $    901,326
Principal payments on long-term debt                      (217,683)     (5,901,981)
                                                      ------------    ------------
Net cash provided by (used in) financing activities      1,470,808      (5,000,655)
                                                      ------------    ------------

EFFECT OF EXCHANGE RATES ON CASH                            66,564          90,061
                                                      ------------    ------------

NET INCREASE IN CASH                                    11,119,245       3,314,381

CASH AT BEGINNING OF PERIOD                              9,683,578         341,690
                                                      ------------    ------------

CASH AT END OF PERIOD                                 $ 20,802,823    $  3,656,071
                                                      ============    ============

SUPPLEMENTAL DISCLOSURES OF CASH
  FLOW INFORMATION:
  Cash paid during the period for:

 Interest (including capitalized interest of $0 and
  $17,282, respectively)                              $    116,022    $     78,614
                                                      ============    ============

 Income taxes                                         $  1,487,584    $  1,099,649
                                                      ============    ============




See Notes to Consolidated Financial Statements




                                       5


MERIT MEDICAL SYSTEMS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
--------------------------------------------------------------------------------

1. Basis of  Presentation.  The interim  financial  statements  of Merit Medical
Systems,  Inc.  ("Merit,"  "we" or "us") for the three and six months ended June
30, 2003 and 2002 are not  audited.  The  financial  statements  are prepared in
accordance  with  the   requirements   for  unaudited   interim   periods,   and
consequently,  do not include all disclosures  required to be in conformity with
accounting principles generally accepted in the United States of America. In the
opinion  of  management,  the  accompanying  consolidated  financial  statements
contain  all  adjustments,  except for the  true-up of  deferred  tax  balances,
consisting only of normal recurring accruals,  necessary for a fair presentation
of our financial position as of June 30, 2003, and the results of our operations
and cash flows for the three and six months  ended June 30,  2003 and 2002.  The
results of operations  for the three and six months ended June 30, 2003 and 2002
are not  necessarily  indicative  of the  results for a  full-year  period.  The
information  included  in this Form  10-Q  should  be read in  conjunction  with
Management's  Discussion and Analysis and financial statements and notes thereto
included in Merit Medical Systems, Inc. 2002 Form 10-K.

Stock-Based  Compensation.  We account for stock compensation arrangements under
the  provisions of Accounting  Principles  Board Opinion No. 25,  Accounting for
Stock  Issued  to  Employees,  (APB  25)  and  intend  to  continue  to  do  so.
Accordingly, no compensation cost has been recognized for our stock compensation
arrangements.  If the  compensation  cost for our  compensation  plans  had been
determined  consistent with Statement of Financial  Accounting  Standards (SFAS)
No. 123, Accounting for Stock-Based Compensation,  our net income and net income
per common  and  common  share  equivalent  would have  changed to the pro forma
amounts indicated below:



                                Three Months Ended June 30,       Six Months Ended June 30,
                                ---------------------------      ---------------------------
                                   2003            2002              2003           2002
                                -----------   -------------      -----------   -------------
                                                                   
Net income:
     As reported               $   4,205,546   $   2,701,814   $   7,957,743   $   5,028,721
     Pro forma                     3,596,338       2,168,194       6,755,749       4,160,529

Net income per common share:
     Basic:
     As reported               $       0.30    $       0.20    $       0.56    $       0.37
     Pro forma                         0.25            0.16            0.48            0.31

     Diluted:
       As reported             $       0.28    $       0.18    $       0.53    $       0.34
       Pro forma                       0.24            0.15            0.45            0.28


The fair value of each option  grant is estimated on the date of grant using the
Black-Scholes   option-pricing   model  with  the   following   weighted-average
assumptions  used for grants in 2003 and 2002:  dividend  yield of 0%;  expected
volatility  of 62.60%  and  63.24%  for 2003 and 2002,  respectively;  risk-free
interest rates ranging from 3.97% to 6.71%; and expected lives ranging from 2.33
to 4.80 years.

2.       Inventories.  Inventories  at June  30,  2003  and  December  31,  2002
         consisted of the following:

                                        June 30,       December 31,
                                          2003             2002
                                      ------------    -------------

Raw materials                         $  8,763,876    $ 10,223,180
Work-in-process                          4,207,430       2,343,500
Finished goods                           7,697,864       8,900,959
Less reserve for obsolete inventory     (2,765,808)     (2,768,422)
                                      ------------    ------------
Total                                 $ 17,903,362    $ 18,699,217
                                      ============    ============



                                       6

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

3. Reporting  Comprehensive  Income.  Comprehensive income for the three and six
months  ended  June 30,  2003 and 2002,  consisted  of net  income  and  foreign
currency translation adjustments. As of June 30, 2003 and December 31, 2002, the
cumulative effect of such adjustments reduced  stockholders'  equity by $463,891
and $530,455,  respectively.  Comprehensive  income for the three and six months
ended June 30, 2003 and 2002 has been computed as follows:

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

                                  2003          2002        2003          2002
                               ----------   ----------   ----------   ----------


Net income                     $4,205,546   $2,701,814   $7,957,743   $5,028,721
Foreign currency translation       59,605       84,022       66,564       90,061
                               ----------   ----------   ----------   ----------

Comprehensive income           $4,265,151   $2,785,836   $8,024,307   $5,118,782
                               ==========   ==========   ==========   ==========


4.  Recently  Issued  Accounting  Standards.  In November  2002,  the  Financial
Accounting  Standards Board (FASB) issued Financial  Accounting  Standards Board
Interpretation   No.   ("FIN")  45,   Guarantor's   Accounting   and  Disclosure
Requirements for Guarantees,  Including  Indirect  Guarantees of Indebtedness of
Others,  which  require the guarantor to recognize as a liability the fair value
of the obligation at the inception of the guarantee. The disclosure requirements
in FIN 45 were  effective for financial  statements of interim or annual periods
ending  after  December  15,  2002.  We  adopted  the  initial  recognition  and
measurement  provisions  in FIN 45,  effective  January 1, 2003.  As of June 30,
2003,  there were no  guarantees  required  to be  disclosed  or recorded in the
financial statements under FIN 45.

In  January  2003,  the  Financial   Accounting   Standards  Board  issued  FASB
Interpretation No. (FIN) 46,  "Consolidation of Variable Interest Entities." FIN
46 addresses the  requirements for business  enterprises to consolidate  related
entities,  for which they do not have  controlling  interests  through voting or
other rights,  if they are determined to be the primary  beneficiary as a result
of variable  economic  interests.  The Company will adopt FIN 46  beginning  the
third quarter of 2003. The adoption of FIN 46 is not expected to have a material
impact on our consolidated earnings,  financial position, or cash flows since we
have no VIE.

5. Stock Splits.  On April 8, 2002 we effected a five-for-four  stock split. All
earnings per share and share data have been  adjusted to reflect this split.  In
addition,  on July 31,  2003,  the  Company's  Board  of  Directors  approved  a
four-for- three stock split of the Company's outstanding shares of common stock,
which is expected to be effective August 14, 2003, for stockholders of record as
of August 11, 2003.  Average  dilutive common stock shares  outstanding,  giving
retroactive  effect to the stock  split for the three and six months  ended June
30,  2003 and 2002  are  20,038,341,  15,667,012,  19,977,171,  and  19,508,101,
respectively.  Proforma  earnings per share,  giving  retroactive  effect to the
stock split for the three and six months ended June 30, 2003 and 2002 are $0.21,
$0.14, $0.40 and $0.26, respectively.

                                       7




ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
--------------------------------------------------------------------------------
Disclosure Regarding 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 Act of 1934, as amended,  (the "Exchange  Act").  All statements  other
than statements of historical fact are "forward-looking statements" for purposes
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 Report are made as of the date hereof and are based
on  information  available  to us as of such date.  We assume 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 we
believe  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 will vary, and may vary  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 our products,
product introductions, potential product recalls, delays in obtaining regulatory
approvals,   or  the  failure  to  maintain  such  approvals,   cost  increases,
fluctuations in and  obsolescence of inventory,  price and product  competition,
availability of labor and materials,  development of new products and technology
that could render our products obsolete, product liability claims,  modification
or limitation of governmental  or private  insurance  reimbursement  procedures,
infringement  of our technology or the assertion  that our technology  infringes
the  rights  of  other  parties,   foreign  currency  fluctuations,   challenges
associated with our growth  strategy,  changes in health care markets related to
health  care  reform  initiatives  and other  factors  referred  to in our press
releases and reports  filed with the  Securities  and Exchange  Commission  (the
"SEC").  All  subsequent  forward-looking  statements  attributable  to Merit or
persons acting on our behalf are expressly  qualified in their entirety by these
cautionary statements.  Additional factors that may have a direct bearing on our
operating  results are described  under "Factors That May Affect Future Results"
beginning on page 10.

Overview

During the three months ended June 30, 2003, we  experienced  the best quarterly
performance in our history,  with record revenues and earnings.  We reported net
income of $4.2 million, or $.28 per share, on revenues of $34.6 million, for the
three months ended June 30, 2003. For the comparable period of 2002, we reported
net income of $2.7 million, or $.18 per share, on revenues of $28.8 million. For
the six months ended June 30,  2003,  net income was $8.0  million,  or $.53 per
share,  on  revenues  of $66.3  million,  compared  to 2002 net  income  of $5.0
million, or $.34 per share, on revenues of $57.5 million.

Our management has continued its efforts to reduce  inventory with an additional
reduction of $795,855  since  December 31, 2002 and over $11 million  during the
last three-and-a-half  years.  Inventory turns improved during the twelve months
preceding  June 30, 2003 to 3.76 times per year from 3.11 times per year for the
twelve months preceding the same period of 2002. The improvement  contributed to
lower  inventory  carrying  costs for the three months ended June 30, 2003.  Our
cash flow from  operations  was strong at $13.2 million for the first six months
of  2003,  compared  to $10.3  million  for the same  period  of 2002.  Our cash
position was $20.8  million at June 30,  2003,  compared to $3.7 million at June
30, 2002.

Results of Operations

The following table sets forth certain operational data as a percentage of sales
for the three and six months ended June 30, 2003 and 2002:



                                                      Three Months Ended  June 30,     Six Months Ended  June 30,
                                                         2003          2002                 2003            2002
                                                      ----------------------------     --------------------------
                                                                                               
Sales                                                   100.0 %       100.0%            100%               100%
Gross profit                                              43.9         41.8              42.9               40.3
Selling, general and administrative expenses              22.1         24.3              22.4               23.8
Research and development expenses                          3.4          3.3               3.5                3.3
Income from operations                                    18.4         14.3              17.1               13.2
Other (income) expense                                     (.1)          .1              (1.7)                .2
Net income                                                12.2          9.4              12.0                8.8


                                       8



Sales.  Sales for the three months ended June 30, 2003 increased by 20%, or $5.8
million,  compared to the same period of 2002.  All  product  categories  of our
business  contributed  to our sales  growth  during the second  quarter of 2003:
inflation  device sales rose 20%,  stand alone device sales grew by 26%,  custom
kit sales rose 18% and catheter sales rose by 8%. For the six-month period ended
June 30, 2003 compared to the same period in 2002, stand alone device sales grew
by 20%,  inflation  devices  sales grew by 17%;  custom kit sales rose 13%;  and
catheter sales  increased 4%. Growth in sales for the three and six months ended
June 30, 2003, when compared to prior periods,  benefited from group  purchasing
contracts  and OEM  products  sales,  as well as  continued  focus  on  building
innovative  products for our market  segment.  The increase in the exchange rate
between the Euro and U.S. Dollar  increased sales by 2.1% for both the three and
six months ended June 30, 2003, when compared to prior periods for 2002.

Gross  Profit.  For the three  months  ended June 30,  2003,  gross  margin as a
percentage of sales was 43.9% compared to 41.8% for the same period in 2002. For
the six months ended June 30, 2003, gross margin was 42.9%, as compared to 40.3%
for the same period in 2002. Gross profit improvement for both the three and six
months ended June 30, 2003 was due  primarily to an increase in  efficiency  and
productivity  gains  achieved by the operations  groups in our Utah  facilities.
Gross profit was also favorably  impacted  during the three and six months ended
June 30, 2003 from an increase in the exchange rate of the Euro against the U.S.
Dollar when  compared to the same  periods of 2002,  resulting in an increase in
gross  profit of 1.2% for both the three and  six-month  periods  ended June 30,
2003.

Operating  Expenses.  Operating  expenses  decreased as a percentage of sales to
25.5% for the three  months  ended June 30, 2003, compared to 27.5% for the same
period of 2002.  For the six months  ended  June 30,  2003,  operating  expenses
decreased  as a  percentage  of sales to 25.8%,  compared  to 27.1% for the same
period in 2002.  Selling,  general and  administrative  expenses  decreased as a
percentage  of sales to 22.1% and 22.4% for three and six months  ended June 30,
2003,  respectively,  compared  to 24.3% and 23.8%,  respectively,  for the same
period of 2002.  The decrease as a percentage  of sales during the three and six
months ended June 30, 2003 was due primarily to our increased revenues. Research
and development  expenses  increased  slightly to 3.4% of sales during the three
months  ended June 30,  2003,  compared  to 3.3% of sales for the same period of
2002.  For  the six  months  ended  June  30,  2003,  research  and  development
expenditures were 3.5% of sales, compared to 3.3% for 2002.

Other  (Income)  Expense.  Other income for the three months ended June 30, 2003
was $258,124,  compared to other expense of $26,098 for the same period in 2002.
The  generation of other income during the second  quarter of 2003 was primarily
due to the  sale of  land  adjacent  to our  South  Jordan,  Utah  facility  for
$182,433.  Also, as a result of our strong cash  position,  other income for the
second quarter of 2003 was positively affected by an increase in interest income
in the amount of approximately $74,000 and a decrease in interest expense in the
amount of $15,000 when  compared to the same period in 2002.  For the six months
ended June 30, 2003, other income was $1.1 million, compared to other expense of
$86,460 for the same period in 2002.  The  generation of other income during the
first  six  months  of 2003  was  principally  the  result  of a gain  from  the
settlement of a legal dispute of $475,000 and a gain on sale of land adjacent to
our South Jordan,  Utah  facility for $507,928.  Other income for the six months
ended June 30, 2003 was also  affected  by an  increase  in  interest  income of
approximately  $139,000  and a decrease  in  interest  expense of  approximately
$44,000, when compared to the same period in 2002.

Income  Taxes.  The  effective tax rate for the three months ended June 30, 2003
was 36.4%  compared to 33.7% for 2002.  For the six months  ended June 30, 2003,
the  effective tax rate was 36%,  compared to 33% for 2002.  The increase in the
effective tax rate for the three and six months ended June 30, 2003, as compared
to the same periods of the prior year, was principally the result of an increase
in the  incremental  corporate tax rate of 3% on taxable income from $15 million
to $18.3 million and a dilution of our Extra  Territorial  Income  Exclusion and
research and development tax credits on higher income before tax expense.  Also,
taxable income from our Galway,  Ireland  operations,  which is taxed at a lower
rate than U.S. operations,  was lower in the three and six months ended June 30,
2003 compared to the 2002  comparable  periods,  which helped  contribute to our
increased effective tax rate for these periods.

Income.  During the three months ended June 30,  2002,  we reported  income from
operations of $6.4 million,  an increase of 55%, from income from  operations of
$4.1 million for the comparable  period in 2002.  Operating income for the first
six months of 2003 was $11.3 million, compared to $7.6 million for the first six
months of 2002, an increase of 49%. The increase in income from  operations  for
the three and six  months  ended June 30,  2003 was  attributable  primarily  to
increased  sales,  higher  gross  margins,   and  lower  selling,   general  and
administrative expenses as a percentage of sales. These factors also contributed
to our net income of $4.2  million  for the three  months  ended  June 30,  2003
compared  to net income of $2.7  million  for the same  period of 2002,  and net
income for the six months ended June 30, 2003 was $8.0 million  compared to $5.0
million for the first half of 2002.


                                       9


Liquidity and Capital Resources.

At June 30, 2003,  our working  capital was $42.9 million,  which  represented a
current ratio of 3.8 to 1. Our cash balance at June 30, 2003 was $20.8  million.
Historically,  we have incurred  significant expenses in connection with product
development and introduction of new products.  Substantial capital has also been
required  to  finance  the  increase  in our  receivables  associated  with  our
increased  sales.  During the next  year-and-a-half,  substantial  funds will be
needed to construct additional  facilities in Galway,  Ireland and South Jordan,
Utah.  Construction  of these  facilities is needed to expand our  manufacturing
capacity  to meet  current  and future  demand of the  Company's  products.  The
construction  of the  facilities  in South  Jordan,  Utah  will  also be used to
consolidate  our Murray,  Utah facility and our Merit Sensor System,  Inc. wafer
fab facility from Santa Clara,  California  to South Jordan,  Utah. We currently
expect to spend approximately $18 million dollars to build these facilities. Our
principal source of funding for these and other expenses has been cash generated
from  operations,  sale of equity and cash secured  from loans on equipment  and
bank  lines of credit.  Management  believes  that  Merit's  present  sources of
liquidity and capital are adequate for our current operations.

Critical Accounting Policies

The  SEC  has  requested  that  all  registrants  discuss  their  most  critical
accounting  policies.  We understand that a "critical  accounting policy" is one
which is both important to the representation of the subject 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.  We base our estimates on past
experience and on various other assumptions that we believe are 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 our  most  critical
accounting policies:

Inventory  Obsolescence  Reserve.  We write  down our  inventory  for  estimated
obsolescence for unmarketable and/or slow-moving  products that may expire prior
to being sold. If market  conditions  become less favorable than those projected
by  our  management,  additional  inventory  write-downs  may be  required.  Our
obsolescence reserve was $2.8 million on June 30, 2003.

Allowance for Doubtful  Accounts.  We maintain  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 a review of
individual  customer balances.  If the financial condition of our customers were
to  deteriorate,  resulting in an impairment of their ability to make  payments,
additional allowances may be required. Our bad debt reserve was $666,628 at June
30, 2003,  which is generally  consistent  with our historical  experience  with
collection of receivables.

Factors that May Affect Future Results

Our business,  operations  and financial  condition are subject to certain risks
and  uncertainties.   Should  one  or  more  of  these  risks  or  uncertainties
materialize,  or should  any  underlying  assumptions  prove  incorrect,  actual
results will vary, and may vary materially,  from those anticipated,  estimated,
projected or expected.  The  following are among the key factors that may have a
direct bearing on our business, operations and financial condition:

Our products may be subject to recall or product liability claims.
--------------------------------------------------------------------------------
Our  products  are used in  connection  with  surgical  procedures  and in other
medical  contexts in which it is important  that those  products  function  with
precision  and  accuracy.  If our products do not  function as designed,  or are
designed  improperly,  we may be forced by regulatory  agencies to withdraw such
products from the market.  In addition,  if medical  personnel or their patients
suffer  injury  as a result  of any  failure  of our  products  to  function  as
designed,  or an  inappropriate  design,  we may be subject to lawsuits  seeking
significant  compensatory  and punitive  damages.  Any product recall or lawsuit
seeking  significant  monetary damages may have a material adverse effect on our
business and financial condition.

Substantially  all of our products are backed by a limited  warranty for returns
due to defects in  quality  and  workmanship.  We  maintain a reserve  for these
future returned products, but the actual costs of such returns may significantly
exceed  the  reserve,  which  could  have  a  material  adverse  effect  on  our
operations.

Termination of relationships with our suppliers, or failure of such suppliers to
perform, could disrupt our business.
--------------------------------------------------------------------------------
We rely on raw  materials,  component  parts,  finished  products,  and services
supplied by outside third parties in connection with our business.  For example,
substantially  all of our products are sterilized by two entities.  In addition,
some of our  products are  manufactured  or  assembled  by third  parties.  If a
supplier of  significant  raw  materials,  component  parts,  finished  goods or
services  were to terminate  its  relationship  with Merit,  or otherwise  cease
supplying raw materials,  component parts, finished goods or services consistent
with past practice, our ability to meet our obligations to our end customers may
be disrupted. A disruption with respect to numerous products, or with respect to
a few significant products, could have a material adverse effect on our business
and financial condition.
                                       10


We may be  unable  to  compete  in  our  markets,  particularly  if  there  is a
significant change in relevant practices and technology.
--------------------------------------------------------------------------------
The  market  for  each  of  our  existing  and  potential   products  is  highly
competitive.  We face  competition  from  several  companies,  many of which are
larger,  better  established  and have greater  financial,  technical  and other
resources and greater market presence than does Merit. Such resources and market
presence  may  enable  our  competitors  to more  effectively  market  competing
products  or to market  competing  products  at reduced  prices in order to gain
market share.

In addition, our ability to compete successfully is dependent, in part, upon our
ability to respond  effectively  to changes  in  technology  and to develop  and
market new products  which  achieve  significant  market  acceptance.  Competing
companies with  substantially  greater resources than Merit are actively engaged
in research and development of diagnostic and interventional methods, treatments
and procedures  that could limit the market for our products and eventually make
certain of our products  obsolete.  A reduction in the demand for a  significant
number of our  products,  or a few key products,  could have a material  adverse
effect on our business and financial condition.

A  significant  adverse  change  in,  or  failure  to  comply  with,   governing
regulations  could  adversely  affect  our  business.
--------------------------------------------------------------------------------
Substantially all of our products are "devices," as defined in the Federal Food,
Drug and  Cosmetic  Act,  and the  manufacture,  distribution,  record  keeping,
labeling and  advertisement of our products is subject to regulation by the Food
and  Drug  Administration  (the  "FDA")  in the  United  States  and  equivalent
regulatory  agencies in various  foreign  countries  in which our  products  are
manufactured,  distributed, labeled, offered or sold. Further, we are subject to
continual review and periodic inspections at our current facilities with respect
to the FDA Good  Manufacturing  Practices  and similar  requirements  of foreign
countries.  Our business and financial  condition could be adversely affected if
we are found to be out of compliance with governing regulations. In addition, if
such  regulations  are amended to become more  restrictive  and costly to comply
with, the costs of compliance  could adversely affect our business and financial
condition.

Limits on reimbursement imposed by governmental and other programs may adversely
affect our business.
--------------------------------------------------------------------------------
The cost of a  significant  portion of medical  care is funded by  governmental,
social security or other insurance programs.  Limits on reimbursement imposed by
such  programs  may  adversely  affect the  ability of  hospitals  and others to
purchase  Merit  products.   In  addition,   limitations  on  reimbursement  for
procedures which utilize Merit products could adversely affect our sales.

We  are  subject  to  work  stoppage,   transportation  and  related  risks.
--------------------------------------------------------------------------------
We  manufacture  our products at various  locations in the United  States and in
Ireland and sell our products  throughout  the United  States,  Europe and other
parts of the world. We depend on third-party transportation companies to deliver
supplies  necessary to  manufacture  Merit  products from vendors to our various
facilities  and to move Merit  products to  customers,  operating  divisions and
other   subsidiaries   located  within  and  outside  the  United  States.   Our
manufacturing operations,  and the operations of the transportation companies on
which our operations  depend, may be adversely affected by natural disasters and
significant  human  events,  such  as a war,  terrorist  attack,  riot,  strike,
slowdown or similar event. Any disruption in our manufacturing or transportation
could  materially  adversely  affect  our  ability to meet  customer  demands or
conduct our operations.

We may be unable to protect our  proprietary  technology or our  technology  may
infringe  on the  proprietary  technology  of  others.
--------------------------------------------------------------------------------
Our ability to remain  competitive  is dependent,  in part,  upon our ability to
prevent other companies from using proprietary technology  incorporated into our
products. We seek to protect our technology through a combination of patents and
trade  secrets,  as well as license,  proprietary  know-how and  confidentiality
agreements.  We may be  unable,  however,  to  prevent  others  from  using  our
proprietary  information,  or continue to use such  information  ourselves,  for
numerous  reasons,  including  the  following:  o Our issued  patents may not be
sufficiently broad to prevent others from copying our proprietary technologies;

         o    Our issued  patents may be  challenged by third parties and deemed
              to be overbroad or unenforceable;

         o    Our products  may infringe on the patents of others,  requiring us
              to alter or discontinue our manufacture or sale of such products;

         o    Costs  associated with seeking  enforcement of our patents against
              infringement,   or  defending  ourselves  against  allegations  of
              infringement, may be significant;

         o    Our  pending  patent  applications  may not be granted for various
              reasons,  including  overbreadth  or  conflict  with  an  existing
              patent; and

         o    Other  persons  may  independently  develop,  or  have  developed,
              similar or superior technologies.


                                       11


A  significant  portion of our  revenues  are derived  from a few  products  and
procedures.
--------------------------------------------------------------------------------
A significant portion of our revenues are attributable to sales of our inflation
devices. During the year ended December 31, 2002, sales of our inflation devices
(including  inflation  devices sold in custom kits) accounted for  approximately
33% of our total revenues.  During the three and six months ended June 30, 2003,
sales of our inflation devices (including inflation devices sold in custom kits)
accounted  for  approximately  32.6%  and  33.2%,  respectively,  of  our  total
revenues.  Any material decline in market demand for our inflation devices could
have an adverse effect on our business and financial condition.

In addition,  the products that have  accounted for a majority of our historical
revenues  are  designed  for  use  in  connection  with  a few  related  medical
procedures,  including angiography,  angioplasty and stent placement procedures.
If  subsequent  developments  in medical  technology  or drug  therapy make such
procedures  obsolete,  or alter  the  methodology  of such  procedures  so as to
eliminate the usefulness of our products,  we may experience a material decrease
in demand for our products and experience deteriorating financial performance.

Fluctuations in Euro exchange rates may negatively impact our financial results.
--------------------------------------------------------------------------------
Fluctuations in the rate of exchange  between the Euro and the U.S. Dollar could
have a negative impact on our margins and financial  results.  For example,  for
the year ended  December 31, 2000, the exchange rate between the Euro and the U.
S. Dollar dropped by approximately 13.2%,  resulting in a reduction in our gross
revenues of $1,076,695  and  approximately  1.2% in gross  profit.  For the year
ended December 31, 2001, the exchange rate between the Euro and the U. S. Dollar
resulted in a reduction of our gross revenues of $467,283 and approximately 0.4%
in gross profit.  However,  for the year ended  December 31, 2002,  the exchange
rate  resulted in an increase of gross  revenues of $497,644  and  approximately
0.4% in gross  profit.  For the three and six months  ended June 30,  2003,  the
exchange  rate  resulted in an increase of gross  revenues of $703,765  and $1.4
million, respectively, and approximately 1.2% in gross profit for both periods.

For the year ended December 31, 2002,  approximately  $10.1 million, or 8.7%, of
our sales were  denominated in Euros.  If the rate of exchange  between the Euro
and the U.S. Dollar declines,  we may not be able to increase the prices that we
charge our European  customers  for products  whose  prices are  denominated  in
Euros.  Furthermore,  we may be  unable  or  elect  not to  enter  into  hedging
transactions  which could mitigate the effect of declining  exchange rates. As a
result, as the rate of exchange between Euros and the U.S. Dollars declines, our
financial results may be negatively impacted.

We may be unable to  successfully  manage growth,  particularly  if accomplished
through  acquisitions.
--------------------------------------------------------------------------------
Successful  implementation  of  our  business  strategy  will  require  that  we
effectively  manage any associated  growth.  To manage growth  effectively,  our
management will need to continue to implement  changes in certain aspects of our
business,  to enhance  our  information  systems  and  operations  to respond to
increased  demand,  to attract and retain  qualified  personnel  and to develop,
train and manage an increasing number of  management-level  and other employees.
Growth could place an increasing  strain on our management,  financial,  product
design,  marketing,  distribution and other  resources,  and we could experience
operating  difficulties.  Any failure to manage growth  effectively could have a
material adverse effect on our results of operations and financial condition.

To the extent  that we grow  through  acquisition,  we will face the  additional
challenges  of  integrating  our  current  operations,   culture,  informational
management systems and other  characteristics  with that of the acquired entity.
We  may  incur   significant   expenses  in  connection  with   negotiating  and
consummating one or more transactions, and we may inherit certain liabilities in
connection with the  acquisition as a result of our failure to conduct  adequate
due  diligence  or  otherwise.  In  addition,  we may  not  realize  competitive
advantages,  synergies or other  benefits  anticipated  in connection  with such
acquisition(s).  If we do not adequately  identify targets for, or manage issues
related  to our  future  acquisitions,  such  acquisitions  may have a  negative
adverse effect on our business and financial results.

The market price of our common stock has been, and may continue to be, volatile.
--------------------------------------------------------------------------------
The market  price of our common stock has been,  and may continue to be,  highly
volatile for various reasons, including the following:

         o    Our  announcement  of new  products or technical  innovations,  or
              similar announcements by our competitors;

         o    Development  of  new  procedures  that  use,  or do not  use,  our
              technology;

         o    Quarter-to-quarter fluctuations in our financial results;

         o    Claims  involving  potential  infringement  of  patents  and other
              intellectual property rights;

                                       12


         o    Analyst and other  projections  or  recommendations  regarding our
              common stock or medical technology stocks generally;

         o    Any restatement of our financial  statements or any  investigation
              into Merit by the SEC or another regulatory authority; and

         o    A  general  decline,  or rise,  of  stock  prices  in the  capital
              markets.

We are dependent  upon key  personnel.
--------------------------------------------------------------------------------
Our continued success is dependent on key management  personnel,  including Fred
P.  Lampropoulos,  our  Chairman  of the Board,  President  and Chief  Executive
Officer.  Mr.  Lampropoulos  is not  subject to any  agreement  prohibiting  his
departure, and we do not maintain key man life insurance with his life. The loss
of Mr.  Lampropoulos,  or of  certain  other  key  management  personnel,  could
materially  adversely  affect our  business  and  operations.  Our success  also
depends, among other factors, on the successful recruitment and retention of key
operations, manufacturing, sales and other personnel.


ITEM 3:   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our  principal  market risk relates to changes in the value of the Euro relative
to the value of the U.S.  Dollar.  Our  consolidated  financial  statements  are
denominated in, and our principal currency is, the U.S. Dollar. A portion of our
revenues during the three months ended June 30, 2003 ($3.3 million, representing
approximately 9.5% of aggregate  revenues) came from sales that were denominated
in Euros.  Certain of our  expenses  are also  denominated  in Euros,  partially
offsetting any risk  associated with  fluctuations  of the Euro/Dollar  exchange
rate. As a result of our  Euro-denominated  revenues and expenses,  in a year in
which our Euro-denominated revenues exceed our Euro-based expenses, the value of
such  Euro-denominated  net income  increases if the value of the Euro increases
relative to the value of the U.S. Dollar, and decreases if the value of the Euro
decreases  relative to the value of the U. S. Dollar.  For  example,  in 2000, a
13.2%  drop in the  value of the Euro in  relation  to the  U.S.  Dollar  led to
reduced  revenues and gross profit of $1.1  million.  By contrast,  in 2002,  an
increase in the value of the Euro  relative to the U.S.  Dollar led to increased
revenue and gross profit of approximately $500,000.

At  June  30,  2003,  we had a net  exchange  rate  exposure  (representing  the
difference between Euro-denominated  receivables and Euro-denominated  payables)
of  approximately  $1.9 million.  In order to partially offset such risk, on May
30, 2003,  we entered into a 30-day Euro hedge  contract.  We enter into similar
hedging  transactions at various times during the year in an effort to partially
offset  exchange rate risks we bear  throughout  the year. We do not purchase or
hold derivative financial instruments for speculative or trading purposes.  This
economic hedge does not qualify for hedge  accounting.  During the three and six
months ended June 30, 2003,  we  experienced  a net loss of $41,635 and $61,145,
respectively,  on  hedging  transactions  we  executed  during the three and six
months ended June 30, 2003 in an effort to limit our exposure to fluctuations in
the Euro/Dollar exchange rate.

As of June 30,  2003,  we had no variable  rate debt.  As long as we do not have
variable  rate debt,  our interest  expense  would not be affected by changes in
interest rates.


ITEM 4:   CONTROLS AND PROCEDURES

Under the supervision and with the  participation  of our management,  including
our principal executive officer and principal financial officer, we conducted an
evaluation of our disclosure  controls and  procedures,  as such term is defined
under Rules 13a-14(c) and 15d-14(c)  promulgated  under the Exchange Act, within
90 days  of the  filing  date of this  Report.  Based  on this  evaluation,  our
principal  executive officer and principal  financial officer concluded that our
disclosure  controls and  procedures  are effective in alerting them on a timely
basis to material  information  relating to Merit  (including  our  consolidated
subsidiaries)  required to be included in our reports  filed or submitted  under
the Exchange Act.

There have been no significant changes (including corrective actions with regard
to significant  deficiencies or material weaknesses) in our internal controls or
in other factors that could  significantly  affect these controls  subsequent to
the date of the evaluation referenced in the preceding paragraph.


                                       13



PART II - OTHER INFORMATION

ITEM 4: Submission of matters to a vote of security holders

On May 22, 2003 we held our 2003  Annual  Meeting of  Shareholders  at which our
shareholders considered and voted as follows on the items described below:

         1. The shareholders  considered  whether to elect the following persons
as directors,  each to serve until our next annual meeting of  shareholders  and
until his respective successor shall have been duly elected and shall qualify:


        Name of Nominee             Votes For       Votes Withheld/Abstentions       Broker Non-Votes
        ---------------             ---------       --------------------------       ----------------
                                                                                 
        Fred P. Lampropolous        7,440,305               4,044,014                     318,992
        Kent W. Stanger             7,426,769               4,056,887                     319,655


            2. Our shareholders also considered a proposal to amend our Articles
of Incorporation  for the purpose of increasing the number of authorized  shares
of  Common  Stock  from 20  million  shares to 50  million  shares.  There  were
8,927,099  votes  cast  in  favor  of the  proposal,  2,423,650  votes  cast  in
opposition, 6,500 votes withheld and 446,062 broker non-votes.

            3. Our  shareholders  also  considered a proposal to amend the Merit
Medical Systems,  Inc. 1999 Omnibus Stock Incentive Plan (the "Incentive Plan"),
to  increase  the  number of shares  available  under  the  Incentive  Plan from
2,500,000 shares of Common Stock to 4,500,000 shares of Common Stock. There were
4,090,268  votes  cast  in  favor  of the  proposal,  5,012,687  votes  cast  in
opposition, 13,493 votes withheld and 2,686,863 broker non-votes.

            4. Our  shareholders  also  considered  a  proposal  to  ratify  the
appointment by our Board of Directors of Deloitte & Touche,  LLP as our auditors
for the fiscal year ending December 31, 2003.  There were 11,348,308  votes cast
in favor, 320,779 votes cast against,  4,781 votes withheld,  and 129,443 broker
non-votes.


ITEM 6: EXHIBITS AND REPORTS ON FORM 8-K

                                           
                 (a) Exhibits -

                  Exhibit No.                 Description
                  3.1                         Articles of Amendment to the Articles of Incorporation
                                              as filed with the Utah Division of Corporations and
                                              Commercial Code on May 22, 2003
                  10.1                        Amendment to the Merit Medical Systems, Inc. 1999
                                              Omnibus Stock Incentive Plan, dated December 7, 2002
                  31.1                        Certification of Principal Executive Officer
                  31.2                        Certification of Principal Financial Officer
                  32.1                        Certification of Principal Executive Officer
                  32.2                        Certification of Principal Financial Officer

                  (b)  The  following  Current  Reports  on Form 8-K were  filed
                       during the quarter ended June 30, 2003:


                  Form 8-K                    Date of Event               Description
                  --------                    -------------               -----------

                  Item 7 & 9                  4/23/2003                   1st quarter - 2003 results





                                       14



                                   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 8, 2003                   /s/: FRED P. LAMPROPOULOS
       ---------------------        -------------------------------------------
                                          FRED P. LAMPROPOULOS
                                          PRESIDENT AND CHIEF
                                          EXECUTIVE OFFICER





Date:     August 8, 2003                  /s/: KENT W.
       -----------------------      -------------------------------------------
                                         KENT W. STANGER
                                         SECRETARY AND CHIEF FINANCIAL OFFICER





                                       15



                                                                    EXHIBIT 3.1
                              ARTICLES OF AMENDMENT
                                     TO THE
                            ARTICLES OF INCORPORATION
                                       OF
                           MERIT MEDICAL SYSTEMS, INC.

                                  May 22, 2003

                  In  accordance  with Section  16-10a-1006  of the Utah Revised
Business  Corporation  Act (the  "Act"),  MERIT  MEDICAL  SYSTEMS,  INC., a Utah
corporation (the "Corporation"), hereby declares and certifies as follows:

                  1. The name of the Corporation is MERIT MEDICAL SYSTEMS, INC.

                  2. The first full  paragraph  of Article IV of the Articles of
Incorporation  of the  Corporation,  as  amended to date,  shall be amended  and
replaced in its entirety as follows (the "Amendment"):

                  The  total  number  of  shares  of  capital  stock  which  the
                  corporation  shall have the  authority to issue is  fifty-five
                  million (55,000,000),  of which five million (5,000,000) shall
                  be shares of preferred stock, no par value (hereinafter called
                  "Preferred  Stock") and fifty  million  (50,000,000)  shall be
                  shares  of common  stock,  no par  value  (hereinafter  called
                  "Common Stock").

                  3.  The   Amendment   does  not  provide   for  an   exchange,
reclassification, or cancellation of issued shares.

                  4.  The Amendment was adopted as of May 22, 2003 in accordance
with the provisions of the Act.

                  5. The designation,  number of outstanding  shares,  number of
votes entitled to be cast,  number of shares  indisputably  representing  at the
meeting at which the  Amendment  was  considered,  and the total number of votes
cast for, and against,  the Amendment by the sole voting group  entitled to vote
on the Amendment were as follows:


================================================ ======================= ======================= =========================
 Designation, Number of Outstanding Shares and      Number of Votes                                Number of Votes Cast
                Number of Votes                       Indisputably                                Against the Amendment
   Entitled to be Cast by Sole Voting Group        Represented at the     Number of Votes Cast      or Abstaining From
       Entitled to Vote on the Amendment                Meeting            For the Amendment              Voting
------------------------------------------------ ----------------------- ----------------------- -------------------------
                                                                                            
       14,152,794 shares of Common Stock               11,803,311              8,927,099                2,430,150
================================================ ======================= ======================= =========================

                  The number of votes cast for the Amendment was  sufficient for
approval.
                  IN WITNESS  WHEREOF,  these  Articles of  Amendment  have been
executed by the Corporation as of the date first written above.

                                         MERIT MEDICAL SYSTEMS, INC.,
                                         a Utah corporation

                                         By:  /s/ Rashelle Perry
                                             -------------------------------
                                         Its:  General Counsel
                                                  VP of Legal
                                                  Chief Legal Officer
                                       16



                                 MAILING ADDRESS
                                 ---------------

         If, upon  completion of filing of the above Articles of Amendment,  the
Utah Division of  Corporations  and Commercial Code elects to send a copy of the
Articles of Amendment to the  Corporation by mail, the address to which the copy
should be mailed is:

                           Merit Medical Systems, Inc.
                               1600 Merit Parkway
                            South Jordan, Utah 84095
                              Attn: Kent W. Stanger










                                       17





                                                                EXHIBIT 10.1
                                                                ------------


                  AMENDMENT TO THE MERIT MEDICAL SYSTEMS, INC.
                        1999 OMNIBUS STOCK INCENTIVE PLAN


         This  Amendment to the Merit Medical  Systems,  Inc. 1999 Omnibus Stock
Incentive  Plan (the  "Plan") is adopted as of the 7th day  December,  2002,  by
Merit Medical Systems, Inc. (the "Company").

                                    RECITALS

         1. In 1999,  the Company  adopted the Plan for the purpose of providing
options and other equity-based long term incentives to its executives, employees
and non-employee directors.

         2. The  Company,  has  reserved the right to amend the Plan at any time
and from time to time through duly adopted Board action.

         3. It is necessary and desirable to amend the Plan in certain respects.

         NOW,  THEREFORE,  the Plan is hereby  amended  effective as of the date
first set forth above as follows:

         1. The fourth sentence of Section 7(c)(3) of the Plan is hereby amended
to read as follows:

                  Payment for shares of Common Stock purchased upon the exercise
         of an Option shall be made on the  effective  date of such  exercise by
         one or a combination of the following  means: (i) in cash, by certified
         check,  bank cashier's check or wire transfer;  (ii) if approved by the
         Committee,  by delivering a properly  executed  exercise  notice to the
         Company together with a copy of irrevocable instructions to a broker to
         deliver  promptly to the Company the amount of sale or loan proceeds to
         pay the full  amount of the  Purchase  Price,  (iii) if approved by the
         Committee,   by  delivering   shares  of  Common  Stock  owned  by  the
         Participant for more than six months with appropriate  stock powers, or
         (iv) any combination of the foregoing forms approved by the Committee.

         2.  Clause (i) of Section  7(e)(1) of the Plan is amended to delete the
phrase  "ninety  (90) days  after  such  termination,"  and to insert the phrase
"three (3) months  after such  termination  (or such other period as the Company
designates in the Award Agreement), . . ."

         3. Section 7(f) of the Plan is amended to read as follows:

                  Upon the  occurrence of a Change in Control,  each Option then
         outstanding under the Plan shall become exercisable in full and, except
         as provided below or in the otherwise applicable Award Agreement, shall
         continue to be exercisable  until its otherwise  applicable  expiration
         date.  Notwithstanding  the  foregoing,  to the extent  provided in any
         shareholder-approved agreement or plan providing for or relating to the
         Change in Control  transaction  ("Change  in Control  Agreement"),  all
         outstanding  Options on a Change in  Control  shall be  converted  into
         options  of the  acquiring  entity,  assumed by the  acquiring  entity,
         cashed out and/or otherwise  disposed of in the manner specified in the
         Change  in  Control   Agreement;   provided  that  any  such  cash-out,
         conversion,  assumption  or other  disposition  shall not  deprive  the
         Option  holder  of  the  inherent   intrinsic   value  of  the  Options


                                       18


         immediately  prior to the  Change in  Control,  measured  solely by the
         excess  of the  Fair  Market  Value  of the  underlying  Option  shares
         immediately  prior to the  Change in Control  over the Option  exercise
         price.  In the absence of such  governing  provisions  in a Change in a
         Control  Agreement,  the Committee in its sole discretion and on a case
         by case  basis  may  elect  to cash out and  terminate  any  Option  in
         exchange for a lump sum cash payment,  shares of the acquiring  company
         or a  combination  thereof  having  a fair  market  value  equal to the
         excess,  if any,  of the Fair  Market  Value of the  underlying  Option
         shares  immediately  prior to the  Change in  Control  over the  Option
         exercise price.  In the case of any outstanding  Option as to which the
         exercise  price  equals  or  exceeds  the  Fair  Market  Value  of  the
         underlying  Option shares  immediately  prior to the Change in Control,
         the Committee  may cash out and  terminate the Option  effective on the
         date  of  the  Change  in  Control   without   any   payment  or  other
         consideration to the Option holder.


         4. Except as provided above,  the Plan is hereby continued and ratified
in all respects.

         IN  TESTIMONY  WHEREOF,  the Company has caused  this  Amendment  to be
executed by its duly authorized officer this 7day of December, 2002.

                                              MERIT MEDICAL SYSTEMS, INC.

                                              By:  /s/ Rashelle Perry
                                              Its:  General Counsel
                                                       VP of Legal
                                                       Chief Legal Officer


                                      19