<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549


                                    FORM 10-Q

(Mark One)

 X     Quarterly report pursuant to Section 13 or 15(d) of the Securities
----   Exchange Act of 1934

For the quarterly period ended December 31, 2000

       Transition report pursuant to Section 13 or 15(d) of the Securities
-----  Exchange Action of 1934

For the transition period from                        to
                               ----------------------    ----------------------


                         Commission File Number 0-19266

                        ALLIED HEALTHCARE PRODUCTS, INC.
             (Exact name of registrant as specified in its charter)

            DELAWARE                                 25-1370721
   (State or other jurisdiction of            (IRS Employer I.D. No.)
    incorporation or organization)

                 1720 Sublette Avenue, St. Louis, Missouri 63110
            (Street address of principal executive offices-Zip Code)

                  Registrant's telephone number: (314) 771-2400


       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 twelve months (or for such shorter periods that the
registrant was required to file such reports, and (2) has been subject to such
filing requirements for the past ninety days.

              Yes          X            No
                  --------------------     --------------------

       The number of shares of common stock outstanding at December 31, 2000 is
7,806,682 shares.


<PAGE>   2


                                      INDEX

<TABLE>
<CAPTION>

                                                                        Page
                                                                       Number
<S>                                                                    <C>
Part I - Financial Information

   Item 1.       Financial Statements

                 Consolidated Statement of Operations -                   3
                 three months and six months ended
                 December 31, 2000 and 1999 (Unaudited)

                 Consolidated Balance Sheet -                           4-5
                 December 31, 2000  (Unaudited) and
                 June 30, 2000

                 Consolidated Statement of Cash Flows -                   6
                 six months ended December 31, 2000 and 1999
                 (Unaudited)

                 Notes to Consolidated Financial Statements             7-8

   Item 2.       Management's Discussion and Analysis of               9-11
                 Financial Condition and Results of Operations

Part II - Other Information

   Item 4.       Submission of Matters to a Vote of Security Holders     12

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

                 Signature                                               12

</TABLE>

                                       2

<PAGE>   3
ALLIED HEALTHCARE PRODUCTS, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)

<TABLE>
<CAPTION>

                                                              Three months ended                    Six months ended
                                                                  December 31,                         December 31,
                                                    ------------------------------------    -------------------------------------
                                                         2000                1999                 2000           1999
                                                     ----------------    ----------------     ------------    ---------------
<S>                                                 <C>                 <C>                  <C>              <C>
 Net Sales                                              $ 16,329,478        $ 16,758,311     $ 30,947,597          $ 32,825,830
 Cost of sales                                            11,905,950          12,133,403       22,751,865            24,174,694
                                                    ----------------    ----------------     ------------     -----------------
 Gross Profit                                              4,423,528           4,624,908        8,195,732             8,651,136

 Selling, general and administrative expenses              4,004,694           4,265,548        7,797,609             8,908,331
 Provision for product recall                                      0                   0                0               300,000
                                                    ----------------    ----------------     ------------     -----------------
 Income / (Loss) from operations                             418,834             359,360          398,123              (557,195)

 Other expenses:
     Interest expense                                        417,669             417,831          818,415               856,974
     Other, net                                               16,430              16,406           36,638                30,735
                                                    -----------------    ----------------    -------------    -----------------
                                                             434,099             434,237          855,053               887,709
                                                    ----------------    ----------------     ------------     -----------------


 Loss before provision (benefit) for income taxes            (15,265)            (74,877)        (456,930)           (1,444,904)

 Provision (Benefit) for income taxes                         75,434              51,592          (19,691)             (414,877)
                                                    ----------------    ----------------     ------------     -----------------
  Net Loss                                                 $ (90,699)         $ (126,469)      $ (437,239)         $ (1,030,027)
                                                    ================    ================     ============     =================


 Basic and diluted loss per share                          $   (0.01)         $    (0.02)      $    (0.06)         $      (0.13)
                                                    ================    ================     ============     =================


 Weighted average shares                                   7,806,682           7,806,682        7,806,682             7,806,682
                                                    ================    ================     ============     =================

</TABLE>


See accompanying Notes to Consolidated Financial Statements.


                                       3
<PAGE>   4


ALLIED HEALTHCARE PRODUCTS, INC.
CONSOLIDATED BALANCE SHEET
ASSETS

<TABLE>
<CAPTION>

                                                                                      December 31,              June 30,
                                                                                          2000                    2000
                                                                                   -------------------       ---------------
                                                                                       (unaudited)
<S>                                                                                <C>                       <C>
 Current Assets:
      Cash                                                                               $    385,013          $    568,197
      Accounts receivable, net of allowance for doubtful
           accounts of $909,000 and $883,000 respectively                                  12,942,578            10,542,264
      Inventories                                                                          16,839,091            16,742,178
      Other current assets                                                                    557,951               358,407

                                                                                   -------------------       ---------------
           Total current assets                                                            30,724,633            28,211,046
                                                                                   -------------------       ---------------

      Property, plant and equipment, net                                                   10,971,958            12,176,616
      Deferred Income taxes                                                                   218,671               218,671
      Goodwill, net                                                                        25,990,039            26,395,241
      Other assets, net                                                                       157,322               210,503

                                                                                   -------------------       ---------------
           Total assets                                                                  $ 68,062,623          $ 67,212,077
                                                                                   ===================       ===============
</TABLE>


 See accompanying Notes to Consolidated Financial Statements.


                                       4

<PAGE>   5

ALLIED HEALTHCARE PRODUCTS, INC.
CONSOLIDATED BALANCE SHEET, Continued
LIABILITIES AND STOCKHOLDERS' EQUITY

<TABLE>
<CAPTION>

                                                                                     December 31,             June 30,
                                                                                        2000                    2000
                                                                                 -------------------     ------------------
                                                                                     (unaudited)
<S>                                                                              <C>                     <C>
Current liabilities:
     Accounts payable                                                                   $ 4,663,185            $ 4,055,739
     Current portion of long-term debt                                                    1,043,798              1,016,611
     Accrual for product recall                                                             148,744                185,241
     Other current liabilities                                                            3,056,773              2,692,901

                                                                                 -------------------     ------------------
          Total current liabilities                                                       8,912,500              7,950,492
                                                                                 -------------------     ------------------

Long-term debt                                                                           13,381,758             13,055,980

Deferred income tax liability-noncurrent                                                          -                      -

Commitments and contingencies                                                                     -                      -

Stockholders' equity:
     Preferred stock; $.01 par value; 1,500,000 shares
       authorized; no shares issued and outstanding,
       which includes Series A preferred stock, $.01
       par value, 200,000 shares authorized, no shares
       issued and outstanding
     Common stock; $.01 par value, 30,000,000 shares
       authorized, 7,806,682 shares issued and
       outstanding at December 31, 2000
       and June 30, 2000                                                                    101,102                101,102
     Additional paid-in capital                                                          47,014,621             47,014,621
     Common stock in treasury, at cost                                                  (20,731,428)           (20,731,428)
     Retained earnings                                                                   19,384,070             19,821,310

                                                                                 -------------------     ------------------
          Total stockholders' equity                                                     45,768,365             46,205,605

                                                                                 -------------------     ------------------
          Total liabilities and stockholders' equity                                   $ 68,062,623           $ 67,212,077
                                                                                 ===================     ==================
</TABLE>


See accompanying Notes To Consolidated Financial Statements.


                                       5


<PAGE>   6



ALLIED HEALTHCARE PRODUCTS, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED)

<TABLE>
<CAPTION>

                                                                                                     Six months ended
                                                                                                        December 31,
                                                                                                2000                  1999
                                                                                        ---------------------   -----------------
<S>                                                                                     <C>                     <C>
Cash flows from operating activities:
     Net loss                                                                                    $ (437,239)        $(1,030,027)
     Adjustments to reconcile net loss to net
          cash provided by (used in) operating activities:

           Depreciation and amortization                                                          1,741,507           1,769,650
           Provision for product recall                                                             (36,497)            (27,948)
           Decrease (Increase) in accounts receivable, net                                       (2,400,314)          1,962,767
           Decrease (Increase) in inventories                                                       (96,913)            314,855
           Increase in income taxes receivable                                                            -            (411,894)
           Increase in other current assets                                                        (199,544)           (230,239)
          (Decrease) increase in accounts payable                                                   607,446          (1,148,965)
           Increase (decrease) in accrued income taxes                                              (59,691)            158,635
           Decrease (increase) in other current liabilities                                         403,872            (457,218)
                                                                                       ---------------------   -----------------
           Net cash provided by (used in) operating activities                                     (477,373)            899,616
                                                                                       ---------------------   -----------------

Cash flows from investing activities:
     Capital expenditures, net                                                                      (78,468)           (144,120)
                                                                                       ---------------------   -----------------


          Net cash used in investing activities                                                     (78,468)           (144,120)
                                                                                       ---------------------   -----------------

Cash flows from financing activities:
     Payments of long-term debt                                                                    (502,125)           (450,131)
     Borrowings under revolving credit agreement                                                 30,340,625          36,724,753
     Payments under revolving credit agreement                                                  (29,485,536)        (37,224,229)
                                                                                       ---------------------   -----------------
          Net cash provided by (used in) financing activities                                       352,964            (949,607)
                                                                                       ---------------------   -----------------

Net (decrease) in cash and equivalents                                                             (183,184)           (194,111)
Cash and equivalents at beginning of period                                                         568,197             587,456

                                                                                       ---------------------   -----------------
Cash and equivalents at end of period                                                             $ 385,013           $ 393,345
                                                                                       =====================   =================

Supplemental disclosures of cash flow information:
     Cash paid during the period for:
          Interest                                                                                $ 824,364         $ 1,026,589
          Income taxes                                                                                    -              86,987

</TABLE>

See accompanying Notes To Consolidated Financial Statements.


                                       6
<PAGE>   7

ALLIED HEALTHCARE PRODUCTS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

1.     Unaudited Financial Statements

       The accompanying unaudited financial statements have been prepared in
accordance with the instructions for Form 10-Q and do not include all of the
information and disclosures required by generally accepted accounting principles
for complete financial statements. In the opinion of management, all
adjustments, consisting only of normal recurring adjustments considered
necessary for a fair presentation, have been included. Operating results for any
quarter are not necessarily indicative of the results for any other quarter or
for the full year. These statements should be read in conjunction with the
financial statements and notes to the consolidated financial statements thereto
included in the Company's Form 10-K for the year ended June 30, 2000.

       Certain amounts in the fiscal 2000 financial statements have been
reclassified to conform with the fiscal 2001 presentation.

2.     Inventories

       Inventories are comprised as follows:

<TABLE>
<CAPTION>

                                                   December 31, 2000                 June 30, 2000
                                                      (Unaudited)

<S>                                                <C>                              <C>
    Work-in progress                                      $ 1,184,978                    $ 1,237,534
    Component Parts                                        11,895,024                     11,909,086
    Finished Goods                                          3,759,089                      3,595,558
                                                   -------------------             ------------------
                                                          $16,839,091                    $16,742,178
                                                   ===================             ==================
</TABLE>

       The above amounts are net of a reserve for obsolete and excess inventory
of approximately $2.9 million at December 31, 2000 and June 30, 2000.

3.     Oxygen Regulator Recall

       On February 4, 1999, Allied announced a voluntary trade-in program for
aluminum oxygen regulators marketed under its Life Support Products label. These
products are used to regulate pressure of bottled oxygen for administration to
patients under emergency situations. Based upon U. S. Food and Drug
Administration ("FDA") recommendations that all manufacturers cease the use of
aluminum in oxygen regulators, the Company introduced new brass regulators and
also offered a trade-in program to existing users pursuant to which units with
aluminum regulators could be exchanged for new units with brass regulators at a
reduced price. In connection with this program, the Company recorded a charge of
$1.5 million pre-tax in the second quarter of fiscal 1999.


                                       7

<PAGE>   8


An additional $.3 million charge was added to the recall program in the first
quarter of fiscal 2000.

       A reconciliation of activity with respect to the Company's regulator
program for the six months ended December 31, 2000 is as follows:

<TABLE>

<S>                                                                                   <C>
      Balance, July 1, 2000                                                                    $185,241
      Provision for recall                                                                            0
      Costs incurred related to product retrofitting and replacement                             36,497
                                                                                      ------------------
      Balance, December 31, 2000                                                               $148,744
                                                                                      ==================
</TABLE>

       The Company has incurred various legal expenses related to other claims
associated with the LSP oxygen regulators. Accordingly, the Company recorded a
$0.5 million charge to operations during fiscal 2000 for amounts estimated to be
payable by the company under its self-insurance retention for legal costs
associated with defending these claims. The company recorded an additional
$20,000 charge to operations during fiscal 2001. These amounts are included
along with other legal expenses of the Company as selling, general and
administrative expenses. At December 31, 2000, the Company has a litigation cost
accrual balance of $140,000 for legal expense associated with the LSP regulator
recall.

4.     Commitments and Contingencies

       The Company is subject to various investigations, claims and legal
proceedings covering a wide range of matters that arise in the ordinary course
of its business activities. In fiscal 2000, the FDA conducted an inspection of
the Company's St. Louis facility and provided a written report citing FDA
observations concerning Good Manufacturing Practices ("GMP") compliance and
quality control issues. The Company has provided written responses to the FDA
and is taking corrective action to mitigate any further FDA inquiry or action.
The Company believes that its responses to date and its continuing attention to
the matters raised by the FDA will avert any FDA action seeking to interrupt or
suspend manufacturing, or to require any recall or modification of products.
Based upon currently available information, the Company does not believe that
the FDA investigation will have a material adverse impact on the Company's
consolidated results of operations, financial position or cash flows.

       The Company has recognized the costs and associated liabilities only for
those investigations, claims and legal proceedings for which, in its view, it is
probable that liabilities have been incurred and the related amounts are
estimable. Based upon information currently available, management believes that
existing accrued liabilities are sufficient and that it is not reasonably
possible at this time that any additional liabilities will result from the
resolution of these matters that would have a material adverse effect on the
Company's consolidated results of operations, financial position or cash flows.

                                       8

<PAGE>   9


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS.


The following discussion may contain statements that constitute "forward-looking
statements" as that term is used in the Securities Litigation Reform Act of
1995. Such forward-looking statements involve risks and uncertainties as further
discussed in the Company's 2000 Annual Report filed on Form 10-K. Actual results
in future periods could differ significantly from results discussed in or
anticipated by such forward looking statements. This discussion should be read
in conjunction with the June 30, 2000 consolidated financial statements and
accompanying notes thereto included in the Company's Form 10-K for the year
ended June 30, 2000 and the unaudited financial statements and notes for the
three month and six month periods ended December 31, 2000.

RESULTS OF OPERATIONS

Allied manufactures and markets medical gas equipment, respiratory care
products, and emergency medical products.

THREE MONTHS ENDED DECEMBER 31, 2000 COMPARED TO THREE MONTHS ENDED DECEMBER 31,
1999.

Allied had net sales of $16.3 million for the three months ended December 31,
2000, down $.4 million, or 2.6%, from net sales of $16.8 million in the prior
year same quarter. The decline is primarily due to lower sales of oxygen
regulators this year due to an exchange program last year which increased sales
beyond normal levels. This was partially offset by higher sales in the second
quarter this year of medical gas equipment. Also, production problems caused
shipment shortfalls in the December fiscal 2001 quarter. Additional employees
are being hired to increase production levels. Order backlog at December 31,
2000 was up by approximately $1.3 million from September 30, 2000.

Gross profit for the three months ended December 31, 2000 was $4.4 million, or
27.1% of net sales compared to $4.6 million, or 27.6% of net sales for the three
months ended December 31, 1999. The decrease in gross profit as a percent of
sales is primarily attributable to lower sales volumes in the second quarter of
fiscal 2001.

Selling, General and Administrative expenses for the three months ended December
31, 2000 were $4.0 million, a net decrease of $0.3 million, or 6.0%, from $4.3
million for the three months ended December 31, 1999. The decrease was primarily
due to cost reduction efforts that were initiated during the second quarter of
last year, primarily a 15% staff reduction.

Income from operations was $.4 million for the three months ended December 31,
2000 compared to $.4 million for the three months ended December 31, 1999.
Interest expense was $.4 million in both comparable periods. Allied had a loss
before benefit for income taxes in the second quarter of fiscal 2001 of $15,000
compared to a loss before benefit for income taxes of $75,000 for the second
quarter of fiscal 2000. The Company recorded a tax provision of $75,000

                                       9

<PAGE>   10


and $51,000 for the three month periods ended December 31, 2000 and 1999,
respectively. In fiscal 2001, the net loss for the second quarter was $91,000,
or $0.01 per basic and diluted share compared to a net loss of $126,000, or
$0.02 per basic and diluted share, for the second quarter of fiscal 2000. The
weighted average number of common shares outstanding used in the calculation of
earnings per share for the second quarters of fiscal 2001 and fiscal 2000 was
7,806,682.

SIX MONTHS ENDED DECEMBER 31, 2000 COMPARED TO SIX MONTHS ENDED DECEMBER 31,
1999.

Allied had net sales of $30.9 million for the six months ended December 31,
2000, down $1.9 million, or 5.8%, from net sales of $32.8 million in the prior
year first six months. The decline was primarily due to lower sales of oxygen
regulators this year due to an exchange program last year which increased sales
beyond normal levels. Also, sales were adversely affected by a strike by
production workers at the Company's St. Louis plant in the first quarter and
subsequent delays in returning to adequate production and shipment levels.
Although the strike was settled on July 30, 2000 with a new three year contract,
the Company has had difficulty returning to normal production levels due to new
employee training and component shortages. The Company believes it is achieving
normal production levels at December 31, 2000. Order backlog at December 31,
2000 was up by approximately $2.9 million from June 30, 2000.

Gross profit for the six months ended December 31, 2000 was $8.2 million, or
26.5% of net sales compared to $8.7 million, or 26.4% of net sales for the six
months ended December 31, 1999. The primary reasons for the lower gross profit
were expenses which did not decrease with lower sales in the six months ended
December 31, 2000 and product mix. The Company will continue to review
operations to improve productivity and lower manufacturing and product costs.

Selling, General and Administrative expenses for the six months ended December
31, 2000 were $7.8 million, a net decrease of $1.11 million, or 12.5%, from $8.9
million for the six months ended December 31, 1999. The decrease was primarily
due to cost reduction efforts that were not initiated until the second quarter
of last year, primarily a 15% staff reduction. Expense in the prior year first
half also included a $.4 million charge for product liability litigation
expenses.

In the first half of fiscal 2000, the Company recorded a $.3 million additional
charge for expenses related to the LSP oxygen regulators program. Please see
Note 3 to Consolidated Financial Statements for additional information.

Income from operations was $.4 million for the six months ended December 31,
2000 compared to a $.6 million loss for the six months ended December 31, 1999.
Interest expense was $0.8 million for the six months ended December 31, 2000
compared to $.9 million for the six months ended December 31, 1999. Allied had a
loss before benefit for income taxes in the first half of fiscal 2001 of $.5
million compared to a loss before benefit for income taxes of $1.4 million for
the first half of fiscal 2000. The Company recorded a tax benefit of $20,000 and
$0.4 million for the six month periods ended December 31, 2000 and 1999,
respectively.

In fiscal 2001, the net loss for the first half was $0.4 million, or $0.06 per
basic and diluted share compared to a net loss of $1.0 million, or $0.13 per
basic and diluted share, for the first half of

                                       10
<PAGE>   11

fiscal 2000. The weighted average number of common shares outstanding used in
the calculation of earnings per share for the first quarters of fiscal 2001 and
fiscal 2000 was 7,806,682.

LIQUIDITY AND CAPITAL RESOURCES

We believe that available resources and anticipated cash flows from operations
are sufficient to meet our operating requirements in the coming year.

Working capital increased to $21.8 million at December 31, 2000 compared to
$20.3 million at June 30, 2000. The increase was primarily due to an increase in
accounts receivable and other current assets offset by increases in accounts
payable and other current liabilities.

The Company maintains a $25 million revolving credit facility. At December 31,
2000, $9.3 million was outstanding against this facility and $3.9 million was
available to borrow based on collateral requirements.

Inflation has not had a material effect on the Company's business or results of
operations.

LITIGATION AND CONTINGENCIES

The Company becomes, from time to time, a party to personal injury litigation
arising out of incidents involving the use of its products. More specifically
there have been a number of lawsuits filed against the Company alleging that its
aluminum oxygen pressure regulator, marketed under its Life Support Products
label, has caused fires that have led to personal injury. The Company believes,
based on preliminary findings, that its products did not cause the fires. The
Company intends to defend these claims in cooperation with its insurers. Based
on the progression of certain cases the Company recorded a $0.5 million charge
to operations during fiscal 2000 for amounts estimated to be payable by the
Company under its self-insurance retention for legal costs associated with
defending these claims. The Company believes that any potential judgments
resulting from these claims over its self-insured retention will be covered by
the Company's product liability insurance.

The Company is subject to various investigations, claims and legal proceedings
covering a wide range of matters that arise in the ordinary course of its
business activities. In fiscal 2000, the FDA conducted an inspection of the
Company's St. Louis facility and provided a written report citing FDA
observations concerning Good Manufacturing Practices ("GMP") compliance and
quality control issues. The Company has provided written responses to the FDA
and is taking corrective action to mitigate any further FDA inquiry or action.
The Company believes that its responses to date and its continuing attention to
the matters raised by the FDA will avert any FDA action seeking to interrupt or
suspend manufacturing, or to require any recall or modification of products.
Based upon currently available information, the Company does not believe that
the FDA investigation will have a material adverse impact on the Company's
results of operations, financial position or cash flows.


                                       11

<PAGE>   12


Part II.   OTHER INFORMATION

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

The Company held its annual meeting on November 14, 2000, at which time the
shareholders re-elected Brent D. Baird, James B. Hickey, Jr., William A. Peck,
Earl R. Refsland, and John D. Weil as directors.  No other business came before
the meeting.

Item 6.    Exhibits and Reports on Form 8-K

The registrant did not file any reports on Form 8-K during the most recently
completed fiscal quarter.

Exhibits:

None


SIGNATURE

       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.

                              ALLIED HEALTHCARE PRODUCTS, INC.


                              /s/ Earl R. Refsland
                              --------------------------------------
                               Earl R. Refsland
                               President and Chief Executive Officer
                              --------------------------------------

                                       12