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 SEPTEMBER 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                         (I.R.S. Identification No.)
of incorporation or organization)


                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                                              19,311,127
 --------------                                  -------------------------------
 TITLE OR CLASS                                  Number of Shares Outstanding at
                                                       November 13, 2003











MERIT MEDICAL SYSTEMS, INC.

                               INDEX TO FORM 10-Q
                               ------------------



PART I.     FINANCIAL INFORMATION                                                        PAGE
                                                                                         ----

  Item 1.   Financial Statements

                                                                                       
            Consolidated Balance Sheets as of September 30, 2003
            and December 31, 2002 .........................................................1

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

            Consolidated Statements of Cash Flows for the nine months
            ended September 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.......................................................14


PART II.    OTHER INFORMATION


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

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

CERTIFICATIONS............................................................................16














MERIT MEDICAL SYSTEMS, INC.

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


                         PART I - FINANCIAL INFORMATION

ITEM 1:  Financial Statements




                                                                 September 30,   December 31,
ASSETS                                                               2003            2002
------                                                           ------------    ------------
                                                                           
CURRENT ASSETS:
Cash and cash equivalents                                        $ 26,322,717    $  9,683,578
Short-term investments                                                503,038         217,451
Trade receivables - net                                            16,881,910      15,247,892
Other receivables                                                      42,857       1,209,804
Employee and related party receivables                                168,463         299,751
Inventories                                                        20,019,013      18,699,217
Prepaid expenses and other assets                                     904,390         667,151
Deferred income tax assets                                            153,150         143,265
                                                                 ------------    ------------

Total current assets                                               64,995,538      46,168,109
                                                                 ------------    ------------

PROPERTY AND EQUIPMENT:
Land                                                                2,740,394       2,034,522
Building                                                            5,120,410       5,118,683
Automobiles                                                            87,536          87,536
Manufacturing equipment                                            27,150,529      25,577,837
Furniture and fixtures                                             11,631,401      10,823,852
Leasehold improvements                                              4,573,150       4,345,620
Construction-in-progress                                            5,718,587       3,008,734
                                                                 ------------    ------------
Total                                                              57,022,007      50,996,784
Less accumulated depreciation
  and amortization                                                (28,785,421)    (25,584,648)
                                                                 ------------    ------------
Property and equipment - net                                       28,236,586      25,412,136
                                                                 ------------    ------------

OTHER ASSETS:
Intangible assets - net                                             1,824,403       1,927,160
Goodwill - net                                                      4,764,596       4,764,596
Deposits                                                               32,163          33,213
                                                                 ------------    ------------
Total other assets                                                  6,621,162       6,724,969
                                                                 ------------    ------------

TOTAL ASSETS                                                     $ 99,853,286    $ 78,305,214
                                                                 ============    ============





Continued on Page 2
See Notes to Consolidated Financial Statements


                                       1




MERIT MEDICAL SYSTEMS, INC.

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



LIABILITIES AND STOCKHOLDERS' EQUITY

                                                               September  30,   December 31,
                                                                   2003             2002
                                                               --------------  -------------

CURRENT LIABILITIES:
                                                                         
Current portion of long-term debt                              $     87,431    $    400,182
Trade payables                                                    5,705,358       4,121,577
Accrued expenses                                                  9,210,768       6,618,407
Advances from employees                                             191,093         161,529
Income taxes payable                                              1,209,951         284,148
                                                               ------------    ------------
Total current liabilities                                        16,404,601      11,585,843

DEFERRED INCOME TAX LIABILITIES                                   2,487,147       2,443,156

LONG-TERM DEBT                                                        --             16,693

DEFERRED CREDITS                                                    672,692         860,931
                                                               ------------    ------------

Total liabilities                                                19,564,440      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 19,266,455 and 18,485,403 shares issued
  at September 30, 2003 and December 31, 2002, respectively      34,492,315      30,265,963

Retained earnings                                                46,272,713      33,663,083
Accumulated other comprehensive loss                               (476,182)       (530,455)
                                                               ------------    ------------
Total stockholder's equity                                       80,288,846      63,398,591
                                                               ------------    ------------

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                     $ 99,853,286    $ 78,305,214
                                                               ============    ============






See Notes to Consolidated Financial Statements



                                       2





MERIT MEDICAL SYSTEMS, INC.

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


                                              Three Months Ended                 Nine Months Ended
                                                 September 30,                     September 30,
                                        ------------------------------    ------------------------------
                                             2003             2002             2003             2002
                                        -------------    -------------    -------------    -------------
                                                                               
NET SALES                               $  34,506,889    $  29,341,129    $ 100,825,767    $  86,802,667

COST OF SALES                              18,529,448       16,784,463       56,396,216       51,061,143
                                        -------------    -------------    -------------    -------------

GROSS PROFIT                               15,977,441       12,556,666       44,429,551       35,741,524
                                        -------------    -------------    -------------    -------------

OPERATING EXPENSES:
  Selling, general and administrative       7,766,160        6,965,367       22,606,684       20,654,795
  Research and development                  1,126,960          967,248        3,421,853        2,875,416
                                        -------------    -------------    -------------    -------------

Total operating expenses                    8,893,120        7,932,615       26,028,537       23,530,211
                                        -------------    -------------    -------------    -------------

INCOME FROM OPERATIONS                      7,084,321        4,624,051       18,401,014       12,211,313
                                        -------------    -------------    -------------    -------------

OTHER  (INCOME)  EXPENSE:
  Other (income) expense                     (124,873)         (10,764)        (268,670)          75,696
  Litigation settlement                          --               --           (475,000)            --
  Gains on sale of land                          --               --           (507,928)            --
                                        -------------    -------------    -------------    -------------
Total other (income) expense                 (124,873)          10,764       (1,251,598)          75,696
                                        -------------    -------------    -------------    -------------


INCOME BEFORE INCOME TAXES                  7,209,194        4,634,815       19,652,612       12,135,617

INCOME TAX EXPENSE                          2,557,307        1,509,412        7,042,982        3,981,493
                                        -------------    -------------    -------------    -------------

NET INCOME                              $   4,651,887    $   3,125,403    $  12,609,630        8,154,124
                                        =============    =============    =============    =============

EARNINGS PER COMMON SHARE:
   Basic                                $         .24    $         .17    $         .67    $         .45
                                        =============    =============    =============    =============



   Diluted                              $         .23    $         .16    $         .63    $         .42
                                        =============    =============    =============    =============



AVERAGE COMMON SHARES:
   Basic                                   19,137,692       18,272,080       18,939,243       18,069,404
                                        =============    =============    =============    =============


   Diluted                                 20,429,190       19,753,535       20,128,926       19,544,367
                                        =============    =============    =============    =============






See Notes to Consolidated Financial Statements


                                       3





MERIT MEDICAL SYSTEMS, INC.

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

                                                           September 30,   September 30,
                                                               2003            2002
                                                            -----------    -----------
                                                                      
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income                                                  $12,609,630     $8,154,124
                                                            -----------    -----------
Adjustments to reconcile net income to net
 cash provided by operating activities:
 Depreciation and amortization                                3,360,963      3,380,893
 Bad debt expense                                               232,191        190,837
 (Gains) losses on sales and abandonment of
  property and equipment                                       (508,100)           543
 Amortization of deferred credits                              (119,795)      (117,507)
 Abandonment of certain patents and trademarks                   10,113        198,511
 Deferred income taxes                                           34,106        171,851
 Tax benefit attributable to appreciation of common stock
  options exercised                                           2,666,469      1,926,121
Changes in operating assets and liabilities net of
 effects from acquisitions:
 Short-term investments                                        (285,587)       (35,860)
 Trade receivables                                           (1,866,209)       335,414
 Other receivables                                            1,166,947
 Employee and related party receivables                         131,288         86,956
 Irish Development Agency grant receivable                         --          153,813
 Inventories                                                 (1,319,796)       664,266
 Prepaid expenses and other assets                             (237,239)      (156,524)
 Deposits                                                         1,050           (480)
 Trade payables                                               1,583,781        (71,433)
 Accrued expenses                                             2,514,158      2,142,630
 Advances from employees                                         29,564         25,968
 Income taxes payable                                           925,803        394,691
                                                            -----------    -----------
Total adjustments                                             8,319,707      9,290,690
                                                            -----------    -----------

Net cash provided by operating activities                    20,929,337     17,444,814
                                                            -----------    -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures for:
 Property and equipment                                    (6,130,356)    (6,581,837)
 Intangible assets                                            (14,322)          --
Proceeds from the sale of property and equipment                569,768          2,498
                                                            -----------    -----------
Net cash used in investing activities                        (5,574,910)    (6,579,339)
                                                            -----------    -----------





Continued on page 5
See Notes to Consolidated Financial Statements


                                       4








MERIT MEDICAL SYSTEMS, INC.

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



                                                            September 30,   September 30,
                                                                2003             2002
                                                            ------------    ------------
                                                                      
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock                         1,559,883         903,295
Principal payments on long-term debt                            (329,444)     (5,781,407)
                                                            ------------    ------------
Net cash provided by (used in) financing activities            1,230,439      (4,878,112)
                                                            ------------    ------------

EFFECT OF EXCHANGE RATES ON CASH                                  54,273          91,605
                                                            ------------    ------------

NET INCREASE IN CASH                                          16,639,139       6,078,968

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

CASH AND AT END OF PERIOD                                   $ 26,322,717    $  6,420,658
                                                            ============    ============

SUPPLEMENTAL DISCLOSURES OF CASH
  FLOW INFORMATION:
  Cash paid during the period for:
    Interest (including capitalized interest
    of $0 and $17,282, respectively)                        $     19,616    $    103,578
                                                            ============    ============
   Income taxes                                             $  2,754,257    $  1,488,830
                                                            ============    ============








See Notes to Consolidated Financial Statement







                                       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 nine  months  ended
September  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  September  30,  2003,  and the results of our
operations and cash flows for the three and nine months ended September 30, 2003
and  2002.  The  results  of  operations  for the three  and nine  months  ended
September 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 our Annual Report on Form 10-K for the year ended
December 31, 2002.

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 September  30,    Nine Months Ended September 30,
                                   ---------------------------------    -------------------------------
                                         2003            2002               2003              2002
                                   ---------------   ---------------    --------------   --------------

              Net income:
                                                                             
     As reported                     $   4,651,887   $   3,125,403      $   12,609,630   $   8,154,124
     Pro forma                           4,228,658       2,830,572          10,984,407       6,991,100

Net income per common share:
     Basic:
    As reported                               $.24       $     .17                $.67           $.45
    Pro forma                                  .22             .15                 .58            .39

     Diluted:
       As reported                             .23             .16                 .63            .42
       Pro forma                               .21             .14                 .55            .36






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 September  30, 2003 and December 31, 2002
consisted of the following:

                                               September 30,   December 31,
                                                   2003            2002
                                               ------------    ------------
         Raw materials                         $  8,879,871    $ 10,223,180
         Work-in-process                          4,421,757       2,343,500
         Finished goods                           9,739,459       8,900,959
         Less reserve for obsolete inventory     (3,022,074)     (2,768,422)
                                               ------------    ------------
         Total                                 $ 20,019,013    $ 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 nine
months  ended  September  30, 2003 and 2002  consisted of net income and foreign
currency  translation  adjustments.  As of  September  30, 2003 and December 31,
2002, the cumulative effect of such adjustments reduced  stockholders' equity by
$476,182 and $530,455, respectively. Comprehensive income for the three and nine
months ended September 30, 2003 and 2002 has been computed as follows:



                                   Three Months Ended           Nine Months Ended
                                      September 30,                September 30
                               --------------------------   -------------------------
                                   2003          2002          2003           2002
                               -----------    -----------   -----------   -----------
                                                              
Net income                     $ 4,651,887    $ 3,125,403   $12,609,630   $ 8,154,124
Foreign currency translation       (12,291)         1,544        54,273        91,605
                               -----------    -----------   -----------   -----------

Comprehensive income           $ 4,639,596    $ 3,126,947   $12,663,903   $ 8,245,729
                               ===========    ===========   ===========   ===========



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 September 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 adopted FIN 46 in the third quarter
of 2003. The adoption of FIN 46 did not impact at all our consolidated earnings,
financial position, or cash flows.

5. Stock Splits.  On July 31, 2003, the Company's Board of Directors  approved a
four-for-three forward stock split of the Company's outstanding shares of common
stock,  which was effective  August 15, 2003, for  shareholders  of record as of
August 11, 2003.  All  earnings  per share and share data have been  adjusted to
reflect this split.





                                       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 in this
Report  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 or
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  September  30, 2003,  we  experienced  the best
quarterly  earnings  performance in our history.  We reported net income of $4.7
million,  or $.23 per share, on revenues of $34.5 million,  for the three months
ended  September 30, 2003.  For the  comparable  period of 2002, we reported net
income of $3.1 million, or $.16 per share, on revenues of $29.3 million. For the
nine months ended September 30, 2003, net income was $12.6 million,  or $.63 per
share, on revenues of $100.8 million, compared to net income for the nine months
ended  September  30, 2002 of $8.2  million,  or $.42 per share,  on revenues of
$86.8 million.

                                       8


The rise in net income for the three and nine months ended  September  30, 2003,
was  favorably  affected by  increased  sales,  higher  gross  margins and lower
selling,  general and  administrative  expenses as a percentage  of sales,  when
compared to comparable periods in 2002.

Inventory turns improved during the twelve months  preceding  September 30, 2003
to 3.64 times per year from 3.17 times per year for the twelve months  preceding
September 30, 2002.  The  improvement  contributed to lower  inventory  carrying
costs  for the  three  months  ended  September  30,  2003.  Our cash  flow from
operations  was  strong  at $20.9  million  for the first  nine  months of 2003,
compared to $17.4  million for the same period of 2002.  Our cash  position  was
$26.3 million at September  30, 2003,  compared to $6.4 million at September 30,
2002.

Results of Operations

The following table sets forth certain operational data as a percentage of sales
for the three and nine month periods ended September 30, 2003 and 2002:


                                                  Three Months           Nine Months
                                              Ended  September 30,   Ended  September 30,
                                              --------------------   --------------------
                                                2003         2002       2003        2002
                                              -------      -------   -------     -------
                                                                      
Sales                                          100.0%       100.0%    100.0%      100.0%
Gross profit                                      6.3        42.8      44.1        41.2
Selling, general and administrative expenses     22.5        23.7      22.4        23.8
Research and development expenses                 3.3         3.3       3.4         3.3
Income from operations                           20.5        15.8      18.3        14.1
Other (income) expense                            (.4)        (.04)    (1.2)         .1
Net income                                       13.5        10.7      12.5         9.4


Sales.  Sales for the three months ended September 30, 2003 increased by 18%, or
$5.2 million, compared to the same period of 2002. All product categories of our
business  contributed  to our sales growth during third quarter of 2003:  custom
kit sales rose 21%, stand alone device sales grew by 21%, inflation device sales
rose  15% and  catheter  sales  rose by 8%.  For the  nine  month  period  ended
September 30, 2003 compared to the same period in 2002, stand alone device sales
grew by 20%, inflation devices sales grew by 16%; custom kit sales rose 16%; and
catheter sales increased 6%. Growth in sales for the three and nine months ended
September 30, 2003,  when compared to the same periods in 2002,  benefited  from
procedural  growth,  increase in our market  share,  OEM product sales and group
purchasing contracts. The increase in the exchange rate between the Euro and the
U.S. Dollar  increased sales by 1.2% and 1.8%,  respectively,  for the three and
nine months ended September 30, 2003, when compared to prior periods for 2002.

Gross Profit.  For the three months ended September 30, 2003,  gross margin as a
percentage  of sales was 46.3%,  compared  to 42.8% for the same period in 2002.
For the nine  months  ended  September  30,  2003,  gross  margin was 44.1%,  as
compared to 41.2% for the same period in 2002. Gross profit improvement for both
the three and nine  months  ended  September  30, 2003 was due  primarily  to an
increase in efficiency and productivity  gains achieved by the operations group.
These  productivity gains included increases in finished goods inventories of $2
million from June 30, 2003  through  September  30,  2003.  The Company does not
anticipate  similar  increases in finished goods inventories for future periods.
Gross profit was also favorably  impacted during the three and nine months ended
September 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%  and  1.7%,  respectively,  for  both  the  three  and
nine-month periods ended September 30, 2003.

                                       9


Operating  Expenses.  Operating  expenses  decreased as a percentage of sales to
25.8% for the three months ended  September 30, 2003,  compared to 27.0% for the
same period of 2002.  For the nine months ended  September  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 22.5% and 22.4% for three and nine months ended September
30, 2003, respectively,  compared to 23.7% and 23.8%, respectively, for the same
period of 2002.  The  decrease in operating  expenses as a  percentage  of sales
during the three and nine months ended  September  30, 2003 was due primarily to
our increased  revenues.  Research and  development  expenses were 3.3% of sales
during the three months ended June 30, 2003 and 2002.  For the nine months ended
September 30, 2003,  research and development  expenditures  were 3.4% of sales,
compared to 3.3% for the same period 2002.

Other (Income)  Expense.  Other income for the three months ended  September 30,
2003 was  $124,873,  compared  to  $10,764  for the  same  period  in 2002.  The
generation of other income during the third quarter of 2003 was primarily due to
an increase in interest  income from the Company's  strong cash  position,  when
compared to the comparable  period in 2002. For the nine months ended  September
30, 2003,  other income was $1.3  million,  compared to other expense of $75,696
for the same period in 2002.  The  generation  of other income  during the first
nine 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 of  $507,928.  Other  income for the nine  months  ended
September  30, 2003 was also  affected  by an  increase  in  interest  income of
$209,065  and a decrease in interest  expense of $66,283,  when  compared to the
same period in 2002.

Income Taxes.  The  effective tax rate for the three months ended  Septmeber 30,
2003 was 35.5% compared to 32.6% for 2002.  For the nine months ended  September
30, 2003,  the  effective  tax rate was 35.8%,  compared to 32.8% for 2002.  The
increase in the effective tax rate for the three and nine months ended September
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 the impact 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 nine  months  ended  September  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  September 30, 2003,  we reported  income
from  operations  of $7.1 million,  an increase of 53%,  compared to income from
operations of $4.6 million for the comparable  period in 2002.  Operating income
for the first nine months of 2003 was $18.4  million,  compared to $12.2 million
for the first nine months of 2002,  an increase of 51%.  The  increase in income
from  operations  for the three and nine months ended  September  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 $4.7 million for the three months
ended  September  30, 2003,  compared to net income of $3.1 million for the same
period of 2002, and net income for the nine months ended  September 30, 2003 was
$12.6 million, compared to $8.2 million for the nine months of 2002.

Liquidity and Capital Resources.

At September 30, 2003, our working capital was $48.6 million,  which represented
a current  ratio of 4.0 to 1. Our cash balance at  September  30, 2003 was $26.3
million.  Historically, we have incurred significant expenses in connection with


                                       10


product  development and introduction of new products.  Substantial  capital has
also been required to finance the increase in our  receivables  and  inventories
associated  with our  increased  sales.  During the next 15 months,  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  $21  million  dollars to build  these
facilities.  It is anticipated  that an additional $4 million,  in excess of the
Company's current annual capital expenditures, will be spent on a finished goods
handling system and other  production  equipment for these new  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 $3 million on September 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 $744,911 at
September 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


                                       11


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.

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.

                                       12


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.

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 nine months
ended September 30, 2003, sales of our inflation  devices  (including  inflation
devices  sold in custom  kits)  accounted  for  approximately  31.8% and  32.7%,
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.
                                       13


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 nine months ended  September 30, 2003,
the exchange rate resulted in an increase of gross revenues of $406,315 and $1.8
million,  respectively,  and approximately  1.2% and 1.7%,  respectively,  of an
increase in gross profit.

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:

                                       14


         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;

         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  September  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 September 30, 2003, we had a net exchange  rate  exposure  (representing  the
difference between Euro-denominated  receivables and Euro-denominated  payables)
of approximately $2.6 million. In order to partially offset such risk, on August
29, 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 nine
months ended  September 30, 2003, we experienced a net gain of $11,074 and a net
loss of $50,071,  respectively,  on hedging  transactions we executed during the
three  and nine  months  ended  September  30,  2003 in an  effort  to limit our
exposure to fluctuations in the Euro/Dollar exchange rate.

                                       15


As of September  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.


PART II - OTHER INFORMATION

ITEM 6: EXHIBITS AND REPORTS ON FORM 8-K

           (a)   Exhibits   -  None

           Exhibit No.            Description
           -----------            -----------

           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 September 30, 2003:

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

                 Item 7 & 9        7/23/2003          2nd quarter - 2003 results







                                       16





                                   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:     November 13, 2003            /s/: FRED P. LAMPROPOULOS
       ------------------------       ------------------------------------------

                                      FRED P. LAMPROPOULOS
                                      PRESIDENT AND CHIEF EXECUTIVE OFFICER



Date:     November 13, 2003           /s/: KENT W. STANGER
       --------------------------     ------------------------------------------

                                      KENT W. STANGER
                                      SECRETARY AND CHIEF FINANCIAL OFFICER



                                       17