<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 March 31, 2001

         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 0-19266

                        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 March 31, 2001 is
7,806,682 shares.


<PAGE>   2


                                      INDEX
<TABLE>
<CAPTION>

                                                                                                            Page
Part I - Financial Information                                                                             Number
<S>                         <C>                                                                             <C>
      Item 1.                Financial Statements

                             Consolidated Statement of Operations -                                            3
                             three months and nine months ended March  31, 2001 and 2000
                             (Unaudited)

                             Consolidated Balance Sheet -                                                      4
                             March 31, 2001  (Unaudited) and
                             June 30, 2000

                             Consolidated Statement of Cash Flows -                                            5
                             nine months ended March 31, 2001 and 2000 (Unaudited)

                             Notes to Consolidated Financial Statements                                      6-8

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

Part II - Other Information

      Item 5.                Other Information                                                                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                    Nine months ended
                                                           March 31,                            March 31,
                                                  -----------------------------       -------------------------------
                                                      2001              2000              2001                2000
                                                  -----------      ------------       ------------       ------------
<S>                                               <C>              <C>                <C>                <C>
Net sales                                         $16,254,635      $ 16,728,743       $ 47,202,232       $ 49,554,573
Cost of sales                                      11,871,922        12,102,813         34,623,787         36,277,507
                                                  -----------      ------------       ------------       ------------
Gross profit                                        4,382,713         4,625,930         12,578,445         13,277,066

Selling, general and administrative expenses        3,784,839         3,783,939         11,582,448         12,692,270
Provision for product recall                                0           (77,000)                 0            223,000
                                                  -----------      ------------       ------------       ------------
Income from operations                                597,874           918,991            995,997            361,796

Other expenses:
    Interest expense                                  378,161           415,532          1,196,576          1,272,506
    Other, net                                         16,571            16,967             53,209             47,702
                                                  -----------      ------------       ------------       ------------
                                                      394,732           432,499          1,249,785          1,320,208
                                                  -----------      ------------       ------------       ------------

Income (loss)  before provision
(benefit) for income taxes                            203,142           486,492           (253,788)          (958,412)

Provision (benefit) for income taxes                  162,799           276,137            143,108           (138,740)
                                                  -----------      ------------       ------------       ------------
Net income (loss)                                 $    40,343      $    210,355       $   (396,896)      $   (819,672)
                                                  ===========      ============       ============       ============


Net income/(loss) per share-basic                 $      0.01      $       0.03       $      (0.05)      $      (0.10)
                                                  -----------      ------------       ------------       ------------
Net income/(loss) per share-diluted               $      0.01      $       0.03       $      (0.05)      $      (0.10)
                                                  -----------      ------------       ------------       ------------

Weighted average shares-basic                       7,806,682         7,806,682          7,806,682          7,806,682
                                                  -----------      ------------       ------------       ------------
Weighted average shares-diluted                     7,953,052         7,938,114          7,806,682          7,806,682
                                                  -----------      ------------       ------------       ------------
</TABLE>

See accompanying Notes to Consolidated Financial Statements.

                                       3

<PAGE>   4

ALLIED HEALTHCARE PRODUCTS, INC.
CONSOLIDATED BALANCE SHEET


<TABLE>
<CAPTION>
 ASSETS                                                                             March 31,          June 30,
                                                                                      2001               2000
                                                                                  ------------       ------------
                                                                                   (unaudited)
<S>                                                                               <C>                <C>
Current Assets:
     Cash                                                                         $    531,835       $    568,197
     Accounts receivable, net of allowance for doubtful
          accounts of $898,000 and $883,000, respectively                           11,633,400         10,542,264
     Inventories                                                                    17,262,538         16,742,178
     Other current assets                                                              600,307            358,407
                                                                                  ------------       ------------
          Total current assets                                                      30,028,080         28,211,046
                                                                                  ------------       ------------

     Property, plant and equipment, net                                             10,613,863         12,176,616
     Deferred income taxes                                                             218,671            218,671
     Goodwill, net                                                                  25,788,689         26,395,241
     Other assets, net                                                                 128,596            210,503
                                                                                  ------------       ------------
          Total assets                                                            $ 66,777,899       $ 67,212,077
                                                                                  ============       ============

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
     Accounts payable                                                             $  4,300,146       $  4,055,739
     Current portion of long-term debt                                                 899,988          1,016,611
     Accrual for product recall                                                         73,681            185,241
     Other current liabilities                                                       3,348,744          2,692,901
                                                                                  ------------       ------------
          Total current liabilities                                                  8,622,558          7,950,492
                                                                                  ------------       ------------

Long-term debt                                                                      12,346,628         13,055,980

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 March 31, 2001 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                                                               19,424,417         19,821,310
                                                                                  ------------       ------------
        Total stockholders' equity                                                  45,808,712         46,205,605
                                                                                  ------------       ------------
        Total liabilities and stockholders' equity                                $ 66,777,899       $ 67,212,077
                                                                                  ============       ============
</TABLE>

See accompanying Notes To Consolidated Financial Statements.


                                       4

<PAGE>   5


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

<TABLE>
<CAPTION>
                                                                   Nine months ended
                                                                        March 31,
                                                             ------------       ------------
                                                                  2001               2000
                                                             ------------       ------------
<S>                                                          <C>                <C>
Cash flows from operating activities:
     Net loss                                                $   (396,896)      $   (819,672)
     Adjustments to reconcile net loss to net
          cash provided by operating activities:

        Depreciation and amortization                           2,379,459          2,654,476
        Provision for product recall                             (111,560)          (156,124)
        Decrease (Increase) in accounts receivable, net        (1,091,135)         1,320,249
        Decrease (Increase) in inventories                       (520,360)           551,676
        Decrease in income taxes receivable                            --             36,218
        Increase in other current assets                         (241,900)           (33,426)
        (Decrease) increase in accounts payable                   244,407         (1,233,896)
        Increase in accrued income taxes                           28,776            147,112
        Decrease (increase) in other current liabilities          627,067           (265,558)
                                                             ------------       ------------
        Net cash provided by operating activities                 917,858          2,201,055
                                                             ------------       ------------

Cash flows from investing activities:
     Capital expenditures, net                                   (128,245)          (193,378)
                                                             ------------       ------------

Net cash used in investing activities                            (128,245)          (193,378)
                                                             ------------       ------------

Cash flows from financing activities:
     Payments of long-term debt                                  (737,692)          (673,770)
     Borrowings under revolving credit agreement               47,313,625         52,932,053
     Payments under revolving credit agreement                (47,401,908)       (54,296,136)
                                                             ------------       ------------
        Net cash used in financing activities                    (825,975)        (2,037,853)
                                                             ------------       ------------

Net decrease in cash and equivalents                              (36,362)           (30,176)
Cash and equivalents at beginning of period                       568,197            587,456
                                                             ------------       ------------
Cash and equivalents at end of period                        $    531,835       $    557,280
                                                             ============       ============

Supplemental disclosures of cash flow information:
     Cash paid during the period for:
        Interest                                             $  1,202,521       $  1,390,029
        Income taxes                                              114,332             98,510
</TABLE>

See accompanying Notes To Consolidated Financial Statements.


                                       5

<PAGE>   6



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>
                         March 31,
                           2001           June 30, 2000
                        (Unaudited)
<S>                     <C>                <C>
Work-in progress        $   879,489        $ 1,237,534
Component parts          12,445,840         11,909,086
Finished goods            3,937,209          3,595,558
                        -----------        -----------
                        $17,262,538        $16,742,178
                        ===========        ===========
</TABLE>

       The above amounts are net of a reserve for obsolete and excess inventory
of approximately $2.8 million at March 31, 2001 and $2.9 million at June 30,
2000.

3.     Oxygen Regulator Recall

       On February 4, 1999, Allied announced a voluntary recall 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


                                       6

<PAGE>   7


second quarter of fiscal 1999.

An additional $.2 million pre-tax charge was added to the recall program in the
first nine months of fiscal 2000.

       A reconciliation of activity with respect to the Company's regulator
program for the nine months ended March 31, 2001 is as follows:

<TABLE>
<S>                                                                   <C>
Balance, July 1, 2000                                                 $185,241
Costs incurred related to product retrofitting and replacement         111,560
                                                                      --------
Balance, March 31, 2001                                               $ 73,681
                                                                      ========
</TABLE>


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 incurred various legal expenses related to third-party
claims associated with the LSP oxygen regulators. During fiscal 2000 the Company
recorded a $0.5 million pre-tax charge to operations 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
$50,000 pre-tax 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 March 31, 2001, the Company has a litigation cost
accrual balance of $0.13 million for legal expense associated with the LSP
regulator matters.

       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 adequate in light of applicable liability
insurance maintained by the Company and that the Company's possible additional
exposure under retention provisions relating to pending claims or occurrences
would not have a material adverse effect on the Company's consolidated results
of operations, financial position, or cash flows.

                                       7

<PAGE>   8


5.  Net income/ (loss) per share

The following table sets forth the computation of basic and diluted Net
income/(loss) per share:

<TABLE>
<CAPTION>
                                               Three months ended              Nine months ended
                                                   March 31,                       March 31,
                                         --------------------------      -----------------------------
                                            2001            2000             2001              2000
                                         ----------      ----------      -----------       -----------
<S>                                      <C>             <C>             <C>               <C>
Net income/(loss)                        $   40,343      $  210,355      $  (396,896)      $  (819,672)

Weighted average shares - basic           7,806,682       7,806,682        7,806,682         7,806,682

Additional dilutive securities-
     stock options                          146,410         131,432               --                --
                                         ----------      ----------      -----------       -----------
Weighted average shares - diluted         7,953,092       7,938,114        7,806,682         7,806,682
                                         ----------      ----------      -----------       -----------
Net income/(loss) per share-basic        $     0.01      $     0.03      $     (0.05)      $     (0.10)
                                         ----------      ----------      -----------       -----------
Net income/(loss) per share-diluted      $     0.01      $     0.03      $     (0.05)      $     (0.10)
                                         ----------      ----------      -----------       -----------
</TABLE>



                                       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 nine month periods ended March 31, 2001.

RESULTS OF OPERATIONS

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

THREE MONTHS ENDED MARCH 31, 2001 COMPARED TO THREE MONTHS ENDED MARCH 31, 2000.

Allied had net sales of $16.3 million for the three months ended March 31, 2001,
down $0.4 million, or 2.8%, from net sales of $16.7 million in the prior year
same quarter. The decline is primarily due to lower sales of respiratory
disposables and lower construction product sales due to economic conditions. The
declines were partially offset by higher sales in the third quarter of this year
of medical gas equipment and emergency equipment.

Gross profit for the three months ended March 31, 2001 was $4.4 million, or
27.0% of net sales compared to $4.6 million, or 27.7% of net sales for the three
months ended March 31, 2000. The decrease in gross profit for the third quarter
of fiscal 2001 as a percent of sales is primarily attributable to lower sales
volumes and lower product prices on a spot basis to maintain share in market
conditions prevailing in the March 2001 quarter.

Selling, General and Administrative expenses for the three months ended March
31, 2001 were $3.8 million, unchanged from $3.8 million for the three months
ended March, 31, 2000.

Income from operations was $0.6 million for the three months ended March 31,
2001 compared to $0.9 million for the three months ended March 31, 2000.
Interest expense was $0.4 million in both comparable periods. Allied had $0.2
million income before income taxes in the third quarter of fiscal 2001 compared
to $0.5 million for the third quarter of fiscal 2000. The Company recorded a tax
provision of $0.16 million and $0.28 million for the three month periods ended
March 31, 2001 and 2000, respectively.

In fiscal 2001, net income for the third quarter was $40,000, or $0.01 per basic
and diluted share compared to $0.21 million or $0.03 per basic and diluted
share, for the third quarter of fiscal 2000.


                                       9

<PAGE>   10

NINE MONTHS ENDED MARCH 31, 2001 COMPARED TO NINE MONTHS ENDED MARCH 31, 2000.

Allied had net sales of $47.2 million for the nine months ended March 31, 2001,
down $2.4 million, or 4.8%, from net sales of $49.6 million in the prior year
first nine 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 and due to lower construction market sales as a result of a
decline in hospital construction. Also, sales were adversely affected by a
strike by production workers at the Company's St. Louis plant in the first
quarter of fiscal 2001 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 had difficulty returning to normal production
levels until the end of the second quarter of fiscal 2001.

Gross profit for the nine months ended March 31, 2001 was $12.6 million, or
26.6% of net sales compared to $13.3 million, or 26.8% of net sales for the nine
months ended March 31, 2000. The primary reasons for the lower gross profit were
expenses which did not decrease with lower sales in the nine months ended March
31, 2001 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 nine months ended March 31,
2001 were $11.6 million, a decrease of $1.1 million, or 8.7%, from $12.7 million
for the nine months ended March 31, 2000. The decrease was primarily due to cost
reduction efforts that were initiated in the second quarter of last year,
primarily a 15% staff reduction. Also, product liability litigation expenses of
$50,000 and $0.4 million were included in the nine months ended March 31, 2001
and 2000 respectively.

In the first nine months of fiscal 2000, the Company recorded a $0.2 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 $1.0 million for the nine months ended March 31, 2001
compared to $0.4 million for the nine months ended March 31, 2000. Interest
expense was $1.2 million for the nine months ended March 31, 2001 compared to
$1.3 million for the nine months ended March 31, 2000. Allied had a loss before
provision for income taxes in the first nine months of fiscal 2001 of $0.3
million compared to a loss before benefit for income taxes of $1.0 million for
the first nine months of fiscal 2000. The Company recorded income tax expense of
$0.14 million and a tax benefit of $0.14 million for the nine month periods
ended March 31, 2001 and 2000, respectively.

In fiscal 2001, the net loss for the first nine months was $0.4 million, or
$0.05 per basic and diluted share compared to a net loss of $0.8 million, or
$0.10 per basic and diluted share, for the first nine months of fiscal 2000.


                                       10


<PAGE>   11


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 $21.2 million at March 31, 2001 compared to $20.3
million at June 30, 2000. The increase was primarily due to an increase in
accounts receivable and inventories offset by increases other current
liabilities and accounts payable.

The Company maintains a $25 million revolving credit facility. At March 31,
2001, $8.3 million was outstanding against this facility and $5.2 million was
available to borrow based on collateral requirements. In fiscal 2001, the
Company has reduced long-term debt by $.9 million.

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 intends to
defend these claims in cooperation with its insurers. The Company maintains
aggregate product liability coverage of approximately $32 million under general
and umbrella policies. Such coverage is subject to varying retentions based upon
the nature of the claim. 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.

Costs associated with product liability insurance increased significantly for
fiscal 2001 as a result of claims associated with the Company's aluminum oxygen
pressure regulator. While the Company believes that the successful completion of
its recall program relating to the regulators should lead to reduced costs in
future periods, the availability of such insurance coverage at a reasonable cost
may remain problematic and the absence of such insurance, or any portion
thereof, could have a material adverse effect upon the Company's results of
operations and financial position.

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 5.  Other Information.

Gregory Kowert who has served as Vice President Finance, Chief Financial
Officer, Secretary and Treasurer since August 21, 2000, is resigning effective
May 15, 2001, to assume a position as the Chief Financial Officer of
Transentric, a subsidiary of Union Pacific Corporation. A search is currently
underway to employ a successor to Mr. Kowert. Mr. Kowert's departure from the
Company does not arise from any disagreement with the Company or its independent
auditors concerning financial operations, policies, practices or financial
reporting issues.


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 on May 15, 2001.

                                       ALLIED HEALTHCARE PRODUCTS, INC.


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


                                       12