<PAGE>   1
                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549



                                 FORM 10 - QSB


   [X]    QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934
               For the quarterly period ended September 30, 1996

                                       or

   [ ]  TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT
             For the transition period from _________ to _________


                        Commission file number  0-28180
                                               ---------

                            SPECTRALINK CORPORATION
               (Exact name of registrant as specified in charter)


                  Delaware                               84-1141188
 (State or other jurisdiction of incorporation         (I.R.S. Employer
                or organization)                     Identification Number)


1650 38th Street, Suite 202E, Boulder, Colorado             80301
  (Address of principal executive office)                 (Zip code)


                                  303-440-5330
                           (Issuer's telephone number)

                                      N.A.
            (Former name, former address and former fiscal year,
                        if changed from last report)

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months, and (2) has been subject to such filing
requirements for the past 90 days.  Yes  X   No     
                                       -----   -----

Applicable only to issuers involved in bankruptcy proceedings during the
preceding five years:  N.A.

Indicate by check mark whether the registrant has filed all documents and
reports required to be filed by Sections 12, 13, or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.  Yes     No      N.A.
                          -----   ----
Applicable only to corporate issuers:
As of September 30, 1996 there were outstanding 19,047,275 shares of
SpectraLink Corporation Common Stock - par value $.01.
Transitional Small Business Disclosure Format (check one):  Yes     No  X  
                                                               -----  -----
                                       1


<PAGE>   2



                            SPECTRALINK CORPORATION
                                     INDEX



<TABLE>
<CAPTION>
Part I          Financial Information                                              Page
<S>             <C>                                                                 <C>
                
  Item 1        Financial Statements
                
                Balance Sheets at
                September 30, 1996 and year ended December 31, 1995                  3
                
                Statements of Operations
                Three months and nine months ended September 30, 1996 and 1995       4

                Statements of Cash Flows
                Nine months ended September 30, 1996 and 1995                        5
                
                Notes to Financial Statements                                        6
                
  Item 2        Management's Discussion and Analysis of  Financial Condition and
                Results of Operations                                                8


Cautionary Statement Pursuant to Safe Harbor Provisions of the
Private Securities Litigation Reform Act of 1995                                    11
</TABLE>

Part II         Other Information

  Item 6        Exhibits and Reports on Form 8-K


                (a)  Exhibits
                     27  Financial Data Schedule
                (b)  Form 8-K
                     None


                                       2


<PAGE>   3

                            SPECTRALINK CORPORATION
                                BALANCE SHEETS
                   (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
                                    ASSETS

<TABLE>
<CAPTION>
                                                                                SEPTEMBER 30,       DECEMBER 31,
                                                                                    1996               1995
                                                                                -------------       ------------
                                                                                 (UNAUDITED)
<S>                                                                               <C>                 <C>
CURRENT ASSETS:
 Cash and cash equivalents                                                        $  8,126            $  1,729
 Short-term investments                                                             16,875                 524
 Trade accounts receivable, net of allowance of approximately                                         
   $294 at September 30, 1996 and $225 at December 31, 1995, respectively,                              
   for uncollectible accounts                                                        4,915               4,285
 Inventory                                                                           3,351               2,239
 Other                                                                                 403                 117
                                                                                  --------            --------
 Total current assets                                                               33,670               8,894
                                                                                  --------            --------
LONG-TERM INVESTMENTS                                                                4,981                   0

PROPERTY AND EQUIPMENT, at cost:                                                     3,125               2,258
 Less  - Accumulated depreciation                                                   (1,479)             (1,176)
                                                                                  --------            --------
                                                                                     1,646               1,082
                                                                                  --------            --------
OTHER                                                                                   55                  50
                                                                                  --------            --------
TOTAL ASSETS                                                                      $ 40,352            $ 10,026
                                                                                  ========            =========
                                            LIABILITIES AND STOCKHOLDERS' EQUITY                      
CURRENT LIABILITIES:                                                                                  
 Accounts payable                                                                 $    406            $    428
 Accrued payroll, commissions, and employee benefits                                   718                 593
 Accrued warranty expenses                                                             328                 184
 Other accrued expenses                                                                597                 380
 Current portion of long-term debt                                                      49                 118
                                                                                  --------            --------
   Total current liabilities                                                         2,098               1,703
LONG-TERM DEBT, net of current portion                                                   0                 319
                                                                                  --------            --------
   Total liabilities                                                                 2,098               2,022
                                                                                  --------            --------
STOCKHOLDERS' EQUITY:                                                                                 
 Convertible preferred stock                                                             0                  75
 Common stock                                                                          190                  38
 Additional paid-in capital                                                         48,099              20,430
 Accumulated deficit                                                               (10,035)            (12,539)
                                                                                  --------            --------
TOTAL STOCKHOLDERS' EQUITY                                                          38,255               8,004
                                                                                  --------            --------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                        $ 40,352            $ 10,026
                                                                                  ========            ========
</TABLE>
                                       3


<PAGE>   4




                           SPECTRALINK CORPORATION
                           STATEMENTS OF OPERATIONS
                   (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
                                 (UNAUDITED)



<TABLE>
<CAPTION>
                                          THREE MONTHS ENDED                NINE MONTHS ENDED
                                          ------------------                -----------------
                                     SEPTEMBER 30,   SEPTEMBER 30,     SEPTEMBER 30,   SEPTEMBER 30, 
                                    --------------   -------------     -------------   -------------
                                        1996             1995              1996            1995
                                        ----             ----              ----            ----
<S>                                     <C>             <C>               <C>            <C>    
NET SALES                               $5,068          $ 4,457           $16,829        $11,736
COST OF SALES                            1,919            2,315             6,412          5,989
                                        ------          -------           -------        -------
  Gross profit                           3,149            2,142            10,417          5,747
                                                                                       
OPERATING EXPENSES                                                                              
  Research and development                 869              466             2,223          1,411
  Marketing and selling                  1,819            1,228             5,162          3,281
  General and administrative               456              247             1,162            670
                                        ------          -------           -------        -------
     Total operating expenses            3,144            1,941             8,547          5,362
                                        ------          -------           -------        -------
INCOME FROM OPERATIONS                       4              201             1,870            385
INVESTMENT INCOME AND OTHER, net           480               50               766            125
                                        ------          -------           -------        -------
INCOME BEFORE INCOME TAXES                 484              251             2,636            510
INCOME TAX EXPENSE                          24               14               132             19
                                        ------          -------           -------        -------
NET INCOME                              $  460          $   237           $ 2,504        $   491
                                        ======          =======           =======        =======
NET INCOME PER COMMON AND COMMON                                                                
EQUIVALENT SHARES                       $ 0.02          $  0.02           $  0.14        $  0.03
                                        ======          =======           =======        =======
WEIGHTED AVERAGE COMMON AND                                                                     
COMMON EQUIVALENT SHARES                                                                        
OUTSTANDING                             19,920           15,660            18,210         15,630
                                        ======          =======           =======        =======
</TABLE>


                                       4


<PAGE>   5




                           SPECTRALINK CORPORATION
                           STATEMENTS OF CASH FLOWS
                   (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
                                 (UNAUDITED)
<TABLE>
<CAPTION>
                                                                NINE MONTHS ENDED      NINE MONTHS ENDED
                                                                SEPTEMBER 30, 1996     SEPTEMBER 30, 1995
                                                                ------------------     -------------------
<S>                                                                  <C>                      <C>
CASH FLOWS FROM OPERATING ACTIVITIES:                                                  
 Net  income (loss)                                                  $ 2,504                  $  491
 Adjustments to reconcile net income to net cash  used in                                      
  operating activities:                                                                         
    Depreciation and amortization                                        462                     209
    Gain on sale/disposal of assets                                      (31)                      0
    Changes in assets and liabilities                                                         
     Increase in accounts receivable, net                               (630)                 (1,492)
     Increase in inventory                                            (1,111)                   (141)
     (Increase) decrease in other assets                                (291)                    106
     Decrease in accounts payable                                        (22)                   (255)
     Increase in other accrued liabilities                               485                     138
                                                                     -------                  ------
    Net cash provided by (used in) operating activities                1,365                    (944)

CASH FLOWS FROM INVESTING ACTIVITIES:                                                         
 Purchases of property and equipment                                  (1,054)                   (501)
 Proceeds from disposal of property and equipment                         58                       0
 Purchases of investments                                            (22,332)                      0
 Maturity of investments                                               1,000                   2,751
                                                                     -------                  ------
   Net cash provided by (used in) investing activities               (22,328)                  2,250

CASH FLOWS FROM FINANCING ACTIVITIES:                                                         
 Proceeds from line of credit and notes payable                          275                     213
 Repayments on line of credit and notes payable                         (610)                      -
 Payments on capital lease obligations                                   (53)                    (52)
 Proceeds from issuance of preferred stock                                 -                     125
 Proceeds from issuance of restricted common stock                         -                     100
 Proceeds from exercise of incentive common stock options                 63                      21
 Proceeds from issuance of common stock, net of expenses              27,684                       -
                                                                     -------                  ------
    Net cash provided by (used in) financing activities               27,360                     407
                                                                     -------                  ------
INCREASE IN CASH AND CASH EQUIVALENTS                                  6,397                   1,713
CASH AND CASH EQUIVALENTS, beginning of period                         1,729                     140
                                                                     -------                  ------
CASH AND CASH EQUIVALENTS, end of period                             $ 8,126                  $1,853
                                                                     =======                  ====== 
</TABLE>


                                       5


<PAGE>   6



                            SPECTRALINK CORPORATION
                         NOTES TO FINANCIAL STATEMENTS
                               SEPTEMBER 30, 1996
                                   UNAUDITED
1.  Basis of Presentation

The accompanying financial statements as of September 30, 1996 and 1995 and for
the quarters then ended have been prepared from the books and records of the
Company and are unaudited.  In management's opinion, these financial statements
include all adjustments, consisting only of normal recurring adjustments,
necessary for a fair presentation.  Interim results are not necessarily
indicative of results for a full year.

The financial statements should be read in conjunction with the audited
financial statements for the year ended December 31, 1995 presented in the
Company's Prospectus dated April 26, 1996 relating to its Registration
Statement on Form SB-2.  The accounting policies utilized in the preparation of
the financial statements herein presented are the same as set forth in the
Company's annual financial statements.

2.  Initial Public Offering

On May 1, 1996 the Company received $24,924,000 in proceeds from an initial
public offering of 3,350,000 shares of common stock.  Approximately $939,000 of
the proceeds were used to cover the expenses of the public offering and
$488,000 to pay off the equipment purchase line of credit.  The remaining funds
were invested in investment-grade debt securities.  Concurrent with the closing
of the offering, (a) all outstanding shares of preferred stock were
automatically converted to common stock at a ratio of one (1) share of
preferred stock to one and a half (1.5) shares of common stock and (b) all
outstanding warrants converted into shares of common stock.  On May 20, 1996,
the IPO underwriters exercised their option to purchase an additional 455,100
shares from the Company for $3,386,000; the Company also invested these
proceeds in investment-grade securities.  The Company intends to use the
proceeds from the public offering to fund capital expenditures, provide
adequate working capital, and finance the Company's expansion for at least the
immediate future.

3.  Inventories

Inventories include the cost of raw materials, direct labor and manufacturing
overhead, and are stated at the lower of cost (first-in, first-out) or market.
Inventories at September 30, 1996 and December 31, 1995 consisted of the
following:

<TABLE>
<CAPTION>
                                                           1996          1995   
                                                           ----          ----   
                                                         Unaudited              
                                                         ---------              
<S>                                                        <C>           <C>    
Raw materials                                              $1,576        $1,413 
Work in process                                                 7            11 
Finished Goods                                              1,768           815 
                                                           ------        ------ 
                                                           $3,351        $2,239 
                                                           ======        ====== 
</TABLE>


4.  Debt


Long-term debt at September 30, 1996 and December 31, 1995 consisted of the 
following:

<TABLE>
<CAPTION>
                                                           1996       1995  
                                                           ----       ----  
                                                        Unaudited            
                                                        ---------
<S>                                                        <C>        <C>  
Note payable to lessor and other                           $  0       $ 334 
Capital lease obligations on leases to finance equipment     49         102 
                                                           ----       -----
                                                             49         437 
Less ---- current portion                                   (49)       (118)
                                                           ----       -----
                                                           $  0       $ 319
                                                           ====       =====
</TABLE>

The note payable to lessor was paid off on July 1, 1996.

                                       6


<PAGE>   7



                            SPECTRALINK CORPORATION
                         NOTES TO FINANCIAL STATEMENTS
                              September 30, 1996
                                   Unaudited

5. Net Income per Common and Common Equivalent Share

Net income per common and common equivalent share has been computed using the
weighted average number of shares of common stock, common equivalent shares
from the convertible preferred stock (using the if converted method at date of
issuance) and common stock equivalent shares from stock options and warrants
outstanding (using the treasury stock method). Pursuant to Securities and
Exchange Commission Staff Accounting Bulletin No. 83, common stock and common
stock equivalent shares issued by the Company at prices significantly below the
assumed public offering price during the twelve month period prior to the 
proposed offering date (using the treasury stock method) have been included in 
the calculation as if they were outstanding for all periods presented.

6. On July 1, 1996 the Company issued 119,231 shares of common stock under the
provisions of the Employee Stock Purchase Plan. For further information, see
page 41 of the Company's Prospectus dated April 26, 1996 relating to its
Registration Statement on Form SB-2.




                                       7




<PAGE>   8



                               PART I  -  ITEM 2
                     MANAGEMENT'S DISCUSSION AND ANALYSIS
               OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                           SPECTRALINK CORPORATION

OVERVIEW

     SpectraLink commenced operations in April 1990 to design, manufacture and
sell unlicensed digital wireless telephone communication systems for
businesses.  The Company sold its first commercial system in June of 1992.
SpectraLink's primary sales efforts are currently focused on hospitals, nursing
homes, retail stores, distribution centers, manufacturing facilities, and
corporate offices.  SpectraLink sells its systems in the United States and
Canada through its direct sales force, telecommunications equipment
distributors, and specialty dealers.

     Since inception, the Company has expended considerable effort and
resources developing its wireless telephone systems, building its direct and
indirect channels of distribution, and managing the effects of rapid growth.
This rapid growth has required it to significantly increase the scale of its
operations, including the hiring of additional personnel in all functional
areas, and has resulted in significantly higher operating expenses.  The
Company anticipates that its operating expenses will continue to increase.

RESULTS OF OPERATIONS

     The following table sets forth certain income and expense items as a
percentage of net sales for the periods indicated.


<TABLE>
---------------------------------------------------------------------------------------------- 
                                  Three Months Ended Sept. 30,      Nine Months Ended Sept. 30,
---------------------------------------------------------------------------------------------- 
                                     1996              1995             1996            1995 
---------------------------------------------------------------------------------------------- 
<C>                                  <C>             <C>               <C>            <C>
Statement of Operations Data:                                                                
---------------------------------------------------------------------------------------------- 
Net Sales                            100.0%          100.0%            100.0%         100.0%
---------------------------------------------------------------------------------------------- 
Cost of Sales                         37.9%           51.9%             38.1%          51.0%
---------------------------------------------------------------------------------------------- 
Gross Profit                          62.1%           48.1%             61.9%          49.0%
---------------------------------------------------------------------------------------------- 
Operating Expenses:                                                                          
---------------------------------------------------------------------------------------------- 
Research and Development              17.1%           10.5%             13.2%          12.0%
---------------------------------------------------------------------------------------------- 
Marketing and Selling                 35.9%           27.6%             30.7%          28.0%
---------------------------------------------------------------------------------------------- 
General and Administrative             9.0%            5.5%              6.9%           5.7%
---------------------------------------------------------------------------------------------- 
Total Operating Expenses              62.0%           43.5%             50.8%          45.7%
---------------------------------------------------------------------------------------------- 
Income from Operations                  .1%            4.5%             11.1%           3.3%
---------------------------------------------------------------------------------------------- 
Investment Income and Other, net       9.5%            1.1%              4.6%           1.1%
---------------------------------------------------------------------------------------------- 
Income Before Income Taxes             9.6%            5.6%             15.7%           4.3%
---------------------------------------------------------------------------------------------- 
Income Tax Expense                      .5%            0.3%               .8%           0.2%
---------------------------------------------------------------------------------------------- 
Net Income                             9.1%            5.3%             14.9%           4.2%
---------------------------------------------------------------------------------------------- 
</TABLE>


                                       8


<PAGE>   9


                            SPECTRALINK CORPORATION
           QUARTERS AND NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1996

Net Sales.  The Company derives its revenue principally from the sale,
installation and service of wireless, on-premises telephone systems.  Net sales
increased by 14% to $5,068,000 for the third quarter 1996 from $4,457,000 in
the third quarter 1995.  Net sales for the nine months ended September 30, 1996
increased by 43% to $16,829,000 from $11,736,000 for the comparable nine months
in 1995.  These  increases were predominantly due to the growing acceptance of
SpectraLink systems in the marketplace.

Gross Profit.  The Company's cost of sales consists primarily of direct
material, direct labor, service expenses and manufacturing overhead.  Gross
profit increased by 47% to $3,149,000 in the third quarter 1996 from $2,142,000
in the third quarter 1995.  For the nine months ended September 30, 1996 gross
profit increased by 81% to $10,417,000 from $5,747,000 for the same period last
year.  The Company's gross profit margin (gross profit as a percentage of net
sales) increased to 62.1% in the third quarter 1996 from 48.1% in the third
quarter 1995.  For the nine months ended September 30, 1996 gross profit margin
increased to 61.9% from 49.0% in the same period last year.  The increase in
gross profit margins for both periods was primarily due to decreasing unit
material, labor, and overhead costs.  The lower unit material costs were due to
improved pricing and quantity discounts.  The lower unit labor costs were due
to an improved manufacturing process resulting in better through-put per direct
labor hour.  The lower unit overhead costs were primarily a result of increased
volume.  Unit service costs improved for both periods as a result of product
design improvements that enhanced reliability.

Research and Development.  Research and development expenses consist primarily
of employee costs, professional services, and supplies necessary to develop,
enhance and reduce the cost of the Company's systems.  Research and development
expenses increased by 86% to $869,000 in the third quarter 1996 from $466,000
in the third quarter 1995, representing 17.1% and 10.5%, respectively, of net
sales.  For the nine months ended September 30, 1996 research and development
increased by 58% to $2,223,000 from $1,411,000 for the same period last year.
Research and development expenses in the nine months ended September 30, 1995
were associated with the introduction of a new generation of pocket telephone
and the Series 150 system.  In the nine months ended September 30, 1996, the
Company's research and development efforts were concentrated primarily on new
product development, improvements to existing products, and manufacturing
process improvements.  The Company expects to increase its dollar spending on
research and development for the fiscal year 1996.

Marketing  and Selling.  Marketing and Selling expenses consist primarily of
salaries and other expenses for personnel, commissions, travel, advertising,
trade shows, and market research.  These expenses increased by 48% to
$1,819,000 in the third quarter 1996 from $1,228,000 in the third quarter 1995,
representing 35.9% and 27.6%, respectively, of net sales. For the nine months
ended September 30, 1996 sales and marketing expenses increased by 57% to
$5,162,000 from $3,281,000 for the same period last year, representing 30.7%
and 28.0%, respectively, of net sales.  These increases in dollar expense for
both periods were primarily due to adding sales and marketing personnel to
increase sales.

General and Administrative.  General and administrative expenses consist
primarily of salaries and other expenses for management, finance, accounting,
contract administration, order processing, and human resources as well as legal
and other professional services.  General and administrative expenses increased
by 85% to $456,000 in the third quarter 1996 from $247,000 in the third quarter
1995, representing 9.0% and 5.5%, respectively, of net sales.  For the nine
months ended September 30, 1996 general and administrative expenses increased
by 73% to $1,162,000 from $670,000 for the same period last year, representing
6.9% and 5.7% , respectively, of net sales.  The increases in expenses were
primarily associated with the higher volume of production and sales and with
becoming a public company.

Investment Income and Other (Net).  Investment income is the result of the
Company's investment in money market, investment-grade debt securities, and
short-term government securities.  Other income is generated primarily from
purchase discounts.  The increase in this category from 1995 to 1996 was
primarily due to interest income from investment activities associated with net
proceeds of approximately $27 million dollars from the public offering
completed in May, 1996.

                                       9


<PAGE>   10


                            SPECTRALINK CORPORATION
           QUARTERS AND NINE MONTHS ENDED SEPTEMBER 30, 1995 AND 1996

Income Tax.  The Company has available tax loss carryforwards to offset
estimated 1996 taxable income.  The Company's tax provision in 1996 consists of
an accrual for state and federal alternative minimum taxes estimated at 5% of
income before taxes.

The Company's operating expenses are based in part on its expectations of
future sales, and the Company's expense levels are generally committed in
advance of sales.  The Company currently plans to continue to expand and
increase its operating expenses in an effort to generate and support additional
future revenue.  If sales do not materialize in a quarter as expected, the
Company's results of operations for that quarter would be adversely affected.
Net income may be disproportionately  affected by a reduction of revenues
because only a small portion of the Company's expenses vary with its revenue.

LIQUIDITY AND CAPITAL RESOURCES

     Since its inception, the Company has financed its operations  primarily
through private sales of equity securities, raising a total of $20,100,000
between  June 1990 and November 1993.  On May 2, 1996 the Company paid off
its credit facility with Silicon Valley Bank of approximately $488,000 with
proceeds from the public offering (see Initial Public Offering).

     Operating activities provided net cash  of $1,365,000 and used net cash of
($944,000) in the nine months ended September 30, 1996 and September 30, 1995,
respectively.   From September 30, 1995 to September 30, 1996, accounts
receivable increased by $628,000 while inventory increased by $1,689,000.
These increases were primarily due to higher net sales as compared to the
corresponding prior  period.  Investing activities included property, plant and
equipment acquisitions of mainly manufacturing equipment, engineering
equipment, computer equipment, and software of $1,054,000 in the nine months
ended September 30, 1996.  Property, plant and equipment acquisitions in the
nine months ended September 30,  1995 consisted of manufacturing equipment,
engineering equipment, and computer equipment and were $501,000.  Investment
purchases in the nine months ended September 30, 1996 were $22,332,000,
compared to none for the nine month period ended September 30, 1995.
Investments maturing in the nine months ended September 30, 1996 were
$1,000,000 and $2,751,000 matured in the nine months ended September 30, 1995.
In the nine months ended September 30, 1996 the financing activities consisted
of net proceeds from the IPO of $27,380,000, proceeds from the issuance of
stock under the provisions of the Employee Stock Purchase Plan of $304,000 and
from the exercise of stock options of $63,000.  Financing activities included
the proceeds from the exercise of stock options of $121,000 and the exercise of
preferred stock options of  $125,000 in the nine months ended September 30,
1995.  In the nine months ended September 30, 1996, the bank line of credit and
note payable to lessor were paid off entirely, resulting in a net repayment of
$335,000.  There were also payments on capital lease obligations of $53,000 in
the nine months ended September 30, 1996 and $52,000 in the nine months ended
September 30, 1995.

     As of September 30, 1996, the Company had working capital of $31,572,000
compared to $7,191,000 as of December 31, 1995.  Working capital as of
September 30, 1996 included $25,001,000 in cash and short-term investments,
$4,915,000 in accounts receivable and $3,351,000 in inventory.   As of
September 30, 1996, the Company's current ratio (ratio of current assets to
current liabilities) was 16.0:1, compared with a current ratio of 5.2:1 as of
December  31, 1995.  In addition the Company has $4,981,000 in long-term
investments which have maturities up to 24 months.

     The Company believes that cash generated from operations and the net
proceeds to the Company of the initial public  offering will be sufficient to
fund necessary capital expenditures, to provide adequate working capital and to
finance the Company's expansion for at least the immediate future.

INITIAL PUBLIC OFFERING

     On May 1, 1996 the Company received $24,924,000 in proceeds from a public
offering of 3,350,000 shares of common stock.  Of the proceeds, approximately
$939,000 were used to cover the expenses of the initial public offering and an
additional $488,000 to pay off the equipment purchase line of credit.  The
remaining funds were invested in investment-grade debt securities.  Concurrent
with the closing of the offering, (a) all outstanding shares of preferred stock
were automatically converted to common stock at a ratio of one (1) share of
preferred stock to one and a half (1.5) shares of common stock and (b) all
outstanding warrants converted into shares of common stock.  On May 20, 1996,
the IPO underwriters exercised their option to purchase an additional 455,100
shares from the Company for $3,386,000; the Company also invested these
proceeds in investment-grade securities.  Subsequent to the completion of the
offering and the underwriters' exercise of their overallotment option, the
Company had 19,047,275 shares of common stock outstanding as of September 30,
1996.

                                       10


<PAGE>   11

    CAUTIONARY STATEMENT PURSUANT TO SAFE HARBOR PROVISIONS OF THE PRIVATE
                   SECURITIES LITIGATION REFORM ACT OF 1995
                           SPECTRALINK CORPORATION


     This report contains certain statements of a forward-looking nature
relating to future events or the future financial performance of the Company.
Investors are cautioned that such statements are only predictions and that
actual events or results may differ materially.  In evaluating such statements,
investors should specifically consider the various factors which could cause
actual results to differ materially from those indicated in such
forward-looking statements.  The most important factors that could cause actual
results to differ from those expressed in the forward-looking statements
include, but are not limited to the following:

    o    The failure of the market for on-premises wireless telephone
         systems to grow or to grow as quickly as the Company anticipates.

    o    The intensely competitive nature of the wireless communications
         industry.

    o    The ability of the Company's distributors to develop and execute
         effective marketing and sales strategies.

    o    The Company's reliance on sole or limited sources of supply for
         many components and equipment used in its manufacturing process.

    o    The risk of business interruption arising from the Company's
         dependence on a single manufacturing facility.

    o    The Company's dependence on a single product line.

    o    The Company's ability to manage potential expansion of operations.

    o    The Company's ability to attract and retain key personnel.

    o    The Company's ability to respond to rapid technological changes
         within the on-premises wireless telephone industry.

    o    Changes in rules and regulations of the Federal Communications 
         Commission.

    o    The Company's ability to protect its intellectual property rights.

    o    Changes in economic conditions affecting the Company's customers.


                                       11


<PAGE>   12


                            SPECTRALINK CORPORATION
                                   SIGNATURES


In accordance with the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                  SPECTRALINK CORPORATION



Date:  November  8, 1996          By: /s/ WILLIAM R. MANSFIELD
                                     ----------------------------------
                                  William R. Mansfield,
                                  Vice-President - Administration,
                                  Chief Financial Officer and Secretary
                                  (on behalf of the Registrant and as Principal
                                  Financial and Accounting Officer)




                                       12


<PAGE>   13

                                EXHIBIT INDEX



<TABLE>
<CAPTION>
  Exhibit No.                 Description
  -----------                 -----------
     <S>                 <C>
     27                  Financial Data Schedule

</TABLE>