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

                                   FORM 10-Q

[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                 For the quarterly period ended March 31, 2000

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934

                        Commission file number 000-24025
                                               ---------

                         HORIZON MEDICAL PRODUCTS, INC.

             (Exact name of registrant as specified in its charter)

            Georgia                                                  58-1882343
-------------------------------                                      ----------
(State or other jurisdiction of                                (I.R.S. Employer
incorporation or organization)                              Identification No.)


One Horizon Way
P.O. Box 627
Manchester, Georgia                                                       31816
-------------------                                                       -----
(Address of principal executive offices)                             (Zip Code)

Registrant's telephone number, including area code:                706-846-3126
                                                                   ------------

Indicate by check mark whether the registrant: (1) has filed all reports to be
filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the
preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

                               Yes [x]     No [ ]

The number of shares outstanding of the Registrant's Common Stock, $.001 par
value, as of May 15, 2000 was 13,366,278.


<PAGE>   2

                HORIZON MEDICAL PRODUCTS, INC. AND SUBSIDIARIES

                                   FORM 10-Q

                 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2000

                                     INDEX

<TABLE>

<S>                                                                                                      <C>
PART I.  FINANCIAL INFORMATION

         ITEM 1.      Financial Statements.............................................................   3

                      Interim Condensed Consolidated Balance Sheets....................................   4

                      Interim Condensed Consolidated Statements of Operations..........................   5

                      Interim Condensed Consolidated Statements of Cash Flows..........................   6

                      Notes to Interim Condensed Consolidated Financial Statements.....................   7

         ITEM 2.      Management's Discussion and Analysis of Financial Condition and
                      Results of Operations............................................................  14

         ITEM 3.      Quantitative and Qualitative Disclosures about Market Risk.......................  18

PART II. OTHER INFORMATION

         ITEM 2.      Changes in Securities............................................................  19

         ITEM 6.      Exhibits and Reports on Form 8-K.................................................  20

         SIGNATURE    .................................................................................  21
</TABLE>


                                      -2-
<PAGE>   3

                          PART I. FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS.

         The financial statements listed below are included on the following
         pages of this Report on Form 10-Q (unaudited):

                  Interim Condensed Consolidated Balance Sheets at March 31,
                  2000 (unaudited) and December 31, 1999.

                  Interim Condensed Consolidated Statements of Operations for
                  the three months ended March 31, 2000 and March 31, 1999
                  (unaudited).

                  Interim Condensed Consolidated Statements of Cash Flows for
                  the three months ended March 31, 2000 and March 31, 1999
                  (unaudited).

                  Notes to Interim Condensed Consolidated Financial Statements.



                                      -3-
<PAGE>   4


                HORIZON MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
                 INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                                      March 31,          December 31,
                                                                                        2000                1999
                                                                                   -------------        -------------
                                                                                    (Unaudited)
                                                       ASSETS
<S>                                                                                <C>                  <C>
CURRENT ASSETS:
    Cash and cash equivalents...................................................   $   2,166,079            1,991,427
    Accounts receivable - trade, net............................................      16,687,569           18,091,455
    Inventories.................................................................      18,630,761           19,647,250
    Prepaid expenses and other current assets...................................       1,223,377            1,262,611
    Income tax receivable.......................................................         862,050              953,055
    Deferred taxes..............................................................       1,246,439            1,246,439
                                                                                   -------------        -------------
       Total current assets.....................................................      40,816,275           43,192,237
Property and equipment, net.....................................................       3,532,816            3,683,446
Intangible assets, net..........................................................      54,532,474           55,259,193
Other assets....................................................................         256,356              262,596
                                                                                   -------------        -------------
       Total assets.............................................................   $  99,137,921        $ 102,397,472
                                                                                   =============        =============

                                        LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
    Accounts payable - trade....................................................   $   3,099,808        $   5,861,935
    Accrued salaries and commissions ...........................................         141,135              203,415
    Accrued royalties ..........................................................          87,844              172,073
    Accrued interest ...........................................................         477,595              450,560
    Other accrued expenses......................................................         711,246              820,227
    Current portion of long-term debt...........................................      10,161,180            5,757,196
                                                                                   -------------        -------------
       Total current liabilities................................................      14,678,808           13,265,406
Long-term debt, net of current portion..........................................      40,254,723           44,998,709
Other liabilities...............................................................         151,979              157,282
Deferred taxes..................................................................         907,079              907,079
                                                                                   -------------        -------------
       Total liabilities........................................................      55,992,589           59,328,476
                                                                                   -------------        -------------

SHAREHOLDERS' EQUITY:
    Preferred stock, no par value; 5,000,000 shares authorized,
       none issued and outstanding..............................................              --                  --
    Common stock, $.001 par value per share; 50,000,000 shares authorized,
       13,366,278 shares issued and outstanding in 2000 and 1999................          13,366               13,366
    Additional paid-in capital..................................................      51,826,125           51,826,125
    Shareholders' notes receivable..............................................        (459,336)            (452,581)
    Accumulated deficit.........................................................      (8,234,823)          (8,317,914)
                                                                                   -------------        -------------
       Total shareholders' equity ..............................................      43,145,332           43,068,996
                                                                                   -------------        -------------
       Total liabilities and shareholders' equity ..............................   $  99,137,921        $ 102,397,472
                                                                                   =============        =============
</TABLE>

     The accompanying notes are an integral part of these interim condensed
                       consolidated financial statements.


                                      -4-
<PAGE>   5

                 HORIZON MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
             INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
                                                                                          Three Months Ended
                                                                                                March 31,
                                                                                        2000               1999
                                                                                   -------------      ------------
                                                                                    (Unaudited)        (Unaudited)
<S>                                                                                <C>                <C>
Net sales  .....................................................................     $17,099,203      $ 19,441,341
Cost of goods sold..............................................................      11,060,598        12,055,895
                                                                                    ------------      ------------
               Gross profit.....................................................       6,038,605         7,385,446
Selling, general and administrative expenses....................................       4,676,760         4,842,554
                                                                                   -------------      ------------

               Operating income.................................................       1,361,845         2,542,892
                                                                                   -------------      ------------
Other income (expense):
    Interest expense............................................................      (1,170,931)         (912,210)
    Other income................................................................          45,907            11,473
                                                                                   -------------      ------------
                                                                                      (1,125,024)         (900,737)
                                                                                   -------------      ------------
              Income before income taxes........................................         236,821         1,642,155
Provision for income taxes......................................................        (153,730)         (702,862)
                                                                                   -------------      -------------
               Net income ......................................................   $      83,091      $    939,293
                                                                                   =============      ============


Net income per share - basic and diluted .......................................   $        0.01      $       0.07
                                                                                   =============      ============

Weighted average common shares outstanding - basic..............................      13,366,278        13,366,278
                                                                                   =============      ============
Weighted average common shares outstanding - diluted............................      13,371,063        13,369,015
                                                                                   =============      ============

</TABLE>

     The accompanying notes are an integral part of these interim condensed
                       consolidated financial statements.


                                      -5-
<PAGE>   6

                 HORIZON MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
             INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                                                                          Three Months Ended
                                                                                                March 31,
                                                                                   -------------------------------
                                                                                        2000               1999
                                                                                   -------------      ------------
                                                                                    (Unaudited)        (Unaudited)
<S>                                                                                <C>                <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income .....................................................................   $      83,091      $    939,293
                                                                                   -------------      ------------
Adjustments to reconcile net income to net cash provided by (used in)
operating activities:
           Depreciation.........................................................         187,879           182,099
           Amortization.........................................................         726,719           669,327
           Non-cash increase in notes receivable-shareholders...................          (6,755)
           (Increase) decrease in operating assets, net:
                Accounts receivable-trade.......................................       1,403,886        (1,585,153)
                Inventories.....................................................       1,016,489        (3,288,349)
                Prepaid expenses and other assets...............................         180,562          (177,201)
                Income tax receivable...........................................          91,005                --
           Increase (decrease) in operating liabilities:
                Accounts payable - trade........................................      (2,762,127)        2,103,719
                Income taxes payable............................................                          (783,604)
                Accrued expenses and other liabilities..........................        (212,841)         (527,810)
                                                                                   -------------      ------------
           Net cash provided by (used in) operating activities..................         707,908        (2,467,679)
                                                                                   -------------      ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures............................................................         (37,249)         (123,373)
Change in non-operating assets, net.............................................                           (19,714)
                                                                                   -------------      ------------
           Net cash used in investing activities................................         (37,249)         (143,087)
                                                                                   -------------      ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on long-term debt............................................        (496,007)         (101,314)
                                                                                   -------------      ------------
       Net cash used in financing activities ...................................        (496,007)         (101,314)
                                                                                   -------------      -------------
       Net increase (decrease) in cash and cash equivalents.....................         174,652        (2,712,080)
Cash and cash equivalents, beginning of period..................................       1,991,427         6,232,215
                                                                                   -------------      ------------

Cash and cash equivalents, end of period........................................   $   2,166,079      $  3,520,135
                                                                                   =============      ============
</TABLE>

     The accompanying notes are an integral part of these interim condensed
                       consolidated financial statements.


                                      -6-
<PAGE>   7


                 HORIZON MEDICAL PRODUCTS, INC. AND SUBSIDIARIES
          NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.       BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
         The interim condensed consolidated balance sheet of Horizon Medical
         Products, Inc. and Subsidiaries (the "Company") at December 31, 1999
         has been derived from the Company's audited consolidated financial
         statements at such date. Certain information and footnote disclosures
         normally included in complete financial statements prepared in
         accordance with generally accepted accounting principles have been
         condensed or omitted pursuant to the rules and regulations of the
         Securities and Exchange Commission ("SEC") and instructions to Form
         10-Q. The interim condensed consolidated financial statements at March
         31, 2000, and for the three months ended March 31, 2000 and 1999 are
         unaudited; however, these statements reflect all adjustments and
         disclosures which are, in the opinion of management, necessary for a
         fair presentation. All such adjustments are of a normal recurring
         nature unless noted otherwise. The results of operations for the
         interim periods are not necessarily indicative of the results of the
         full year. These financial statements should be read in conjunction
         with the Company's Form 10-K for the year ended December 31, 1999,
         including, without limitation, the summary of accounting policies and
         notes and consolidated financial statements included therein.

         RECENTLY ISSUED ACCOUNTING STANDARDS - In June 1998, the Financial
         Accounting Standards Board ("FASB") issued Statement of Financial
         Accounting Standards ("SFAS") No. 133, Accounting for Derivative
         Instruments and Hedging Activities. SFAS No. 133 requires all
         derivatives to be measured at fair value and recognized as either
         assets or liabilities on the balance sheet. Changes in such fair value
         are required to be recognized immediately in net income to the extent
         the derivatives are not effective as hedges. In September 1999, the
         FASB issued SFAS No. 137, Accounting for Derivative Instruments and
         Hedging Activities - Deferral of the Effective Date of FASB Statement
         No. 133, an amendment to delay the effective date of SFAS No. 133 to
         fiscal years beginning after June 15, 2000. The Company does not expect
         the adoption of SFAS No. 133 as amended by SFAS No. 137 to have a
         material impact on the interim condensed consolidated financial
         statements.

2.     INVENTORIES

       A summary of inventories is as follows:

<TABLE>
<CAPTION>
                                                                            March 31,                 December 31,
                                                                              2000                        1999
                                                                          -------------               ------------
       <S>                                                                <C>                         <C>
       Raw materials.............................................         $   5,534,979               $  5,551,390
       Work in process...........................................             3,131,952                  3,943,563
       Finished goods............................................            11,073,258                 11,260,057
                                                                          -------------               ------------
                                                                             19,740,189                 20,755,010
       Less inventory reserves...................................            (1,109,428)                (1,107,760)
                                                                          -------------               -------------
                                                                          $  18,630,761               $ 19,647,250
                                                                          =============               ============
</TABLE>


                                      -7-
<PAGE>   8

3.       EARNINGS PER SHARE

         A summary of the calculation of basic and diluted earnings per share
         ("EPS") is as follows:

<TABLE>
<CAPTION>
                                                       For the Three Months Ended March 31, 2000
                                                    --------------------------------------------
                                                     Income             Shares          Per-share
                                                    Numerator         Denominator        Amount
                                                    ---------        ------------       --------
          <S>                                       <C>              <C>                <C>
          Basic EPS ........................        $  83,091         13,366,278        $   0.01
                                                                                        ========
          Effect of Dilutive Securities ....               --              4,785
                                                    ---------        -----------
          Diluted EPS ......................        $  83,091         13,371,063        $   0.01
                                                    =========        ===========        ========

<CAPTION>

                                                      For the Three Months Ended March 31, 1999
                                                    --------------------------------------------
                                                     Income             Shares          Per-share
                                                    Numerator         Denominator        Amount
                                                    ---------        ------------       --------
          <S>                                       <C>              <C>                <C>
          Basic EPS ........................        $ 939,293         13,366,278        $   0.07
                                                                                        ========
          Effect of Dilutive Securities ....               --              2,737
                                                    ---------        -----------
          Diluted EPS ......................        $ 939,293         13,369,015        $   0.07
                                                    =========        ===========        ========
</TABLE>

         The number of stock options assumed to have been bought back by the
         Company for computational purposes has been calculated by dividing
         gross proceeds from all weighted average stock options outstanding
         during the period, as if exercised, by the average common share market
         price during the period. The average common share market price used in
         the above calculation was $2.87 for the three months ended March 31,
         2000 and $5.94 for the three months ended March 31, 1999.

         Stock options to purchase shares of common stock at prices greater than
         the average market price of the common shares during that period are
         considered antidilutive. There were 292,863 options outstanding for the
         three months ended March 31, 2000, with exercise prices ranging from
         $3.38 to $ 15.50, and 220,694 options outstanding for the three months
         ended March 31, 1999, with exercise prices ranging from $6.25 to
         $15.50. All of these options expire in 2008 and 2009 and were not
         included in the computation of diluted EPS because the exercise price
         of the options was greater than the average market price of the common
         shares for the three months ended March 31, 2000 and 1999.

4.       COMMITMENTS AND CONTINGENCIES

         The Company is subject to legal proceedings and claims which arise in
         the ordinary course of its business. In the opinion of management, the
         amount of ultimate liability with respect to these actions will not
         materially affect the consolidated financial position, results of
         operations, or cash flows of the Company.


                                      -8-
<PAGE>   9

         The Company is subject to numerous federal, state and local
         environmental laws and regulations. Management believes that the
         Company is in material compliance with such laws and regulations and
         that potential environmental liabilities, if any, are not material to
         the interim condensed consolidated financial statements.

         In September 1999, the Company identified a breach in the primary
         sterile barrier of a dialysis catheter kit. Further inspection revealed
         the breach was inherent in the packaging design, and the Company
         initiated a voluntary product recall. The Food and Drug Administration
         has approved the packaging rework procedures for the recalled kits, and
         product manufacturing resumed with a modified packaging design.
         Management believes the majority of the affected product has been
         returned. Expense associated with the recall was approximately $148,000
         during 1999 and $20,000 for the three months ended March 31, 2000.

         On September 30, 1998, the Company acquired certain assets used in the
         manufacture and sale of medical devices by Ideas for Medicine, Inc.
         ("IFM"), a wholly-owned subsidiary of CryoLife, Inc. (the
         "Acquisition"). The Acquisition was consummated pursuant to an Asset
         Purchase Agreement, dated as of September 30, 1998, by and between the
         Company and IFM. In connection with the Acquisition, the Company and
         the seller of IFM (the "Seller") entered into a manufacturing agreement
         (the "Manufacturing Agreement"), dated as of September 30, 1998,
         pursuant to which, for a four year term, the Seller agreed to
         manufacture exclusively for the Company and the Company agreed to
         purchase from the Seller a specified minimum amount of products (the
         "Products"). The Manufacturing Agreement requires that the annual sales
         of the products to the Company shall equal at least $6,000,000 during
         each 12-month period under this Manufacturing Agreement. The
         Manufacturing Agreement is cancelable at the option of the Seller if
         the Company fails to meet the quotas required under the Manufacturing
         Agreement.

         On June 22, 1999, IFM notified the Company that the Company was in
         breach of the Manufacturing Agreement. IFM notified the Company that
         the Company was in violation of the payment provision contained in the
         Manufacturing Agreement, which calls for the Company to pay amounts due
         to IFM within 45 days of the date of each invoice. The total accounts
         payable due to IFM under the Manufacturing Agreement at March 31, 2000
         was approximately $459,000. Additionally, IFM notified the Company that
         the Company was in violation of the Manufacturing Agreement due to the
         nonpayment of interest related to such past due accounts payable. In
         addition, IFM notified the Company that the Company was in breach for
         failing to provide a production schedule at the end of the first six
         months of the term of the Manufacturing Agreement and on a monthly
         basis thereafter. Finally, IFM notified the Company that the Company
         was in breach for the failure to provide packaging and labeling.

         The Company is in default under the Manufacturing Agreement. As a
         result, IFM may terminate the Manufacturing Agreement and may be
         entitled to receive an amount equal to (i) the direct costs incurred by
         IFM for all purchase orders committed for raw materials and components,
         (ii) the direct and indirect costs incurred by IFM for six months after
         such termination for labor utilized in the manufacture of the Products,
         and (iii) the fixed facility costs incurred by IFM in connection with
         the manufacture of the Products for the remainder of the term of the
         Manufacturing Agreement.


                                      -9-
<PAGE>   10

         The Company has continued to indicate to IFM that it will not be able
         to meet the minimum purchase requirements outlined in the Manufacturing
         Agreement. The Company is currently in negotiations with IFM to
         purchase the existing inventory, fixed assets, and leasehold
         improvements. The Company would assume responsibility for the plant and
         manufacturing of the IFM product line. The parties are currently
         operating under a verbal modification to the Manufacturing Agreement.
         Should the Company be unable to revise the Manufacturing Agreement to
         include acceptable terms or fail to continue to operate under the
         verbal modification to the Manufacturing Agreement, then any
         liabilities incurred as a result of the default could have a material
         adverse effect on the Company's consolidated financial position and
         disrupt the Company's ability to obtain and sell the related products.

         Also in connection with the acquisition of IFM, the Company assumed
         certain license agreements (the "IFM Licensors") for the right to
         manufacture and sell cholangiogram catheters, surgical retractors,
         embolectomy catheters, aortic occlusion catheters, suture needles and
         other medical instruments covered by the IFM Licensors' patents or
         derived from the IFM Licensors' confidential information. Payments
         under these agreements vary, depending on the individual products
         produced, and range from 1% to 5% of the Company's net sales of such
         licensed products. Such payments shall continue until the expiration of
         a fixed 20-year term or the expiration date of each corresponding
         licensed patent covering each product under the agreements.

         The Company is party to license agreements with an individual (the
         "Licensor") for the right to manufacture and sell dual lumen fistula
         needles, dual lumen over-the-needle catheters, dual lumen chronic and
         acute catheters, and other products covered by the Licensor's patents
         or derived from the Licensor's confidential information. Payments under
         the agreement vary, depending upon the purchaser, and range from 9% to
         15% of the Company's net sales of such licensed products. Such payments
         shall continue until the expiration date of each corresponding licensed
         patent covering each product under the agreements.

         On March 18, 1997, the Company entered into an agreement with a
         vascular access port manufacturer (the "Manufacturer") to allow for the
         eventual transfer of the manufacturing process of certain port models
         to the Company. The agreement requires the Company to purchase a
         minimum of 3,500 ports each year through 2002. To the extent that
         purchases exceed 4,000 in one contract year, such excess purchases may
         be applied to the following year's minimum commitment. The Company has
         satisfied all criteria in the agreement to take over the manufacture of
         the ports with the payment of a royalty to the Manufacturer. Any
         royalty payments would be paid quarterly and will be calculated as
         forty percent of the difference between the Company's cost to
         manufacture the port and the Company's sales price, as defined in the
         agreement, for each port sold by the Company. The percentage used to
         calculate the royalty payments will decrease to 25% after the first
         year of manufacture by the Company. When the Company takes over
         manufacturing, the Company is required to buy the Manufacturer's
         inventory of related parts and finished ports at the Manufacturer's
         cost, including the Manufacturer's standard overhead charges.


                                      -10-
<PAGE>   11

         On June 27, 1997, the Company entered into a distribution agreement
         with an overseas distributor (the "Distributor") granting the
         Distributor exclusive distribution rights for one of the Company's
         hemodialysis catheter products in certain foreign territories. Under
         the agreement, the Distributor has agreed to purchase, and the Company
         has agreed to sell, a minimum number of units each year through May
         2000. The agreement also contains a renewal clause allowing the Company
         to extend the agreement for an additional two years. The minimum
         commitments under the extended term would be subject to negotiation
         three months prior to the renewal date. In the event the Company and
         the Distributor cannot come to an agreement on the minimum commitments,
         the minimum commitments will be set at 105% of the commitment levels in
         year three for the first renewal year and 105% of the commitment level
         in the first renewal year for the second renewal year. As of March 31,
         2000, neither company was in compliance with the distribution
         agreement. However, management does not believe there is any exposure
         as a result of these violations and is currently negotiating new terms
         with the distributor.

         On December 11, 1998, the Company entered into a long-term distribution
         agreement ("the Distribution Agreement") with a medical devices
         manufacturer. The Distribution Agreement provides for the manufacturer
         to supply, and the Company to purchase, certain minimum levels of
         vascular grafts for an initial term of three years. The Distribution
         Agreement may be automatically extended up to two additional years upon
         the achievement of annual minimum purchase targets as defined in the
         Distribution Agreement. The Agreement requires the Company to purchase
         a minimum of 4,500 units, 6,300 units and 8,800 units in the first 3
         years, respectively, following December 11, 1998. The agreement is
         cancelable at the option of the manufacturer if the Company fails to
         meet the quotas required under the Distribution Agreement.

         The Company has entered into various distribution agreements under
         which the Company has guaranteed certain gross margin percentages to
         the distributors. As a result of these guarantees, the Company has
         accrued approximately $312,000 as of March 31, 2000 related to amounts
         to be rebated to the various distributors.

         The Company is party to numerous agreements which contain provisions
         regarding change in control, as defined by the agreements, or the
         acquisition of the Company by a third party. These provisions could
         result in additional payments being required by the Company should
         these events occur.

5.       SEGMENT INFORMATION

         As of March 31, 2000, the Company operates two reportable segments,
         manufacturing and distribution. The manufacturing segment includes
         products manufactured by the Company as well as products manufactured
         by third parties on behalf of the Company through manufacturing and
         supply agreements. Prior to the 1998 acquisitions of Columbia Vital
         Systems, Inc. ("CVS") and Stepic Corporation ("Stepic"), the Company
         only operated the manufacturing segment.


                                      -11-
<PAGE>   12

         The Company evaluates the performance of its segments based on gross
         profit; therefore, selling, general, and administrative costs, as well
         as research and development, interest income/expense, and provision for
         income taxes, are reported on an entity wide basis only.

         The table below presents information about the reported sales (which
         include intersegment revenues), gross profit (which include
         intersegment gross profit) and identifiable assets of the Company's
         segments as of and for the three months ended March 31, 2000 and 1999.

<TABLE>
<CAPTION>
                                            Three Months Ended                              Three Months Ended
                                               March 31, 2000                                  March 31, 1999
                                --------------------------------------------    --------------------------------------------
                                                                Identifiable                                    Identifiable
                                    Sales       Gross Profit       Assets           Sales       Gross Profit        Assets
                                ------------    ------------    ------------    ------------    ------------    ------------
          <S>                   <C>             <C>             <C>             <C>             <C>             <C>
          Manufacturing ....    $  7,280,958    $  3,824,026    $ 62,525,002    $  8,366,552    $  4,894,492    $ 67,081,979
          Distribution .....      10,802,465       2,237,309      36,077,115      11,876,437       2,689,474      40,123,109
                                ------------    ------------    ------------    ------------    ------------    ------------
                                $ 18,083,423    $  6,061,335    $ 98,602,117    $ 20,242,989    $  7,583,966    $107,205,088
                                ============    ============    ============    ============    ============    ============
</TABLE>


         A reconciliation of total segment sales to total consolidated sales and
         of total segment gross profit to total consolidated gross profit of the
         Company for the three months ended March 31, 2000 and 1999 is as
         follows:

<TABLE>
<CAPTION>
                                                                 Three Months Ended     Three Months Ended
                                                                   March 31, 2000         March 31, 1999
                                                                 ------------------     ------------------
              <S>                                                <C>                    <C>
              Total segment sales ......................           $  18,083,423          $  20,242,989
              Elimination of intersegment sales.........                (984,220)              (801,648)
                                                                   -------------          -------------
              Consolidated sales........................           $  17,099,203          $  19,441,341
                                                                   =============          =============
</TABLE>


<TABLE>
<CAPTION>
                                                                 Three Months Ended     Three Months Ended
                                                                   March 31, 2000         March 31, 1999
                                                                 ------------------     ------------------
              <S>                                                <C>                    <C>
              Total segment gross profit ...............           $   6,061,335          $   7,583,966
              Elimination of intersegment gross profit..                 (22,730)              (198,520)
                                                                   -------------          -------------
              Consolidated gross profit.................           $   6,038,605          $   7,385,446
                                                                   =============          =============
</TABLE>


         A reconciliation of total segment assets to total consolidated assets
         of the Company as of March 31, 2000 and 1999 is as follows:

<TABLE>
<CAPTION>
                                                                               As of                   As of
                                                                           March 31, 2000         March 31, 1999
                                                                           --------------         --------------
                    <S>                                                    <C>                    <C>
                    Total segment assets ............................      $  98,602,117          $ 107,205,088
                    Elimination of intersegment receivables..........           (710,635)            (1,521,515)
                    Assets not allocated to segments ................          1,246,439                699,316
                                                                           -------------          -------------
                    Consolidated assets .............................      $  99,137,921          $ 106,382,889
                                                                           =============          =============
</TABLE>


                                      -12-
<PAGE>   13

         The Company's operations are located in the United States. Thus,
         substantially all of the Company's assets are located domestically.
         Sales information by geographic area for the three months ended March
         31, 2000 and 1999, are as follows:

<TABLE>
<CAPTION>
                                                                    Three Months Ended
                                                            March 31,                March 31,
                                                               2000                    1999
                                                          -------------           -------------
              <S>                                         <C>                     <C>
              United States .........................     $  16,294,541           $  18,155,096
              Foreign ...............................           804,662               1,286,245
                                                          -------------           -------------
                                                          $  17,099,203           $  19,441,341
                                                          =============           =============
</TABLE>


                                      -13-
<PAGE>   14


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

RESULTS OF OPERATIONS

Three Months Ended March 31, 2000 Compared to Three Months Ended March 31, 1999

       Net Sales. Net sales decreased 12.0% to $17.1 million for the first
quarter of 2000 from $19.4 million for the first quarter of 1999. This decrease
is primarily attributable to a decline in sales volume resulting from scheduled
management reductions of inventory held by its distributors during first
quarter 2000 as well as timing of shipment differences resulting in higher than
anticipated backlog of orders at the end of first quarter 2000. The allocation
of 1999 net sales on a segment basis for the three months ended March 31, 2000
resulted in net sales of $7.3 million from the manufacturing segment and $10.8
million from the distribution segment, before intersegment eliminations. The
allocation of net sales on a segment basis for the three months ended March 31,
1999 resulted in net sales of $8.4 million from the manufacturing segment and
$11.9 million from the distribution segment, before intersegment eliminations.

       Gross Profit. Gross profit decreased 18.2% to $6.0 million for the first
quarter of 2000 from $7.4 million for the first quarter of 1999. Gross margin
decreased to 35.3% in the first quarter of 2000 from 38.0% in the first quarter
of 1999. The decrease in gross margin is the result of higher costs in first
quarter 2000, resulting from higher manufacturing costs incurred in late 1999.
Additionally, distribution sales as a percentage of total sales was higher in
first quarter 2000, which generates a lower margin than manufacturing sales.
The allocation of gross profit between segments for the three months ended
March 31, 2000 resulted in gross profit of $3.8 million from the manufacturing
segment and $2.2 million from the distribution segment, before intersegment
eliminations. The allocation of gross profit between segments for the three
months ended March 31, 1999 resulted in gross profit of $4.9 million from the
manufacturing segment and $2.7 million from the distribution segment, before
intersegment eliminations.

       Selling, General and Administrative Expenses. Selling, general and
administrative expenses (SG&A) decreased approximately $166,000 or 3.4% to
approximately $4.7 million for the first quarter of 2000 compared with $4.8
million for the first quarter of 1999. This decrease is due to lower salaries
and commissions and shipping and marketing expenses in first quarter 2000
compared to first quarter 1999. SG&A expenses increased as a percentage of net
sales to 27.4% for the first quarter of 2000 from 24.9% for the first quarter
of 1999. This increase is substantially due to decreased sales in first quarter
2000 from first quarter 1999.

       Interest Expense. Net interest expense increased to approximately $1.2
million in the first quarter of 2000 compared to approximately $913,000 in the
first quarter of 1999. The increase in 2000 is due to higher debt outstanding
during the first quarter of 2000 compared to the first quarter of 1999 as well
as higher interest rates under the Company's New Credit Facility in first
quarter 2000.


                                      -14-
<PAGE>   15

       Income Tax Expense. Income tax expense decreased to approximately
$154,000 for the first quarter of 2000 from approximately $703,000 for the
first quarter of 1999. The 2000 effective tax rate is higher than the statutory
tax rate due to certain goodwill amortization that is not deductible for tax
purposes. The decrease in the first quarter 2000 was the result of lower
taxable income in the first quarter of 2000 compared to the first quarter of
1999.

LIQUIDITY AND CAPITAL RESOURCES

Net cash provided by (used in) operating activities was $707,908 for the three
months ended March 31, 2000 compared with ($2,467,679) for the three months
ended March 31, 1999. The decrease in cash used in operations during 2000
compared to 1999 was primarily attributable to the reduction in accounts
receivable and inventory and lower income taxes paid during 2000.

Net cash used in investing activities was $37,249 in 2000 compared to $143,087
in 1999. Substantially all of the investing activities in both 2000 and 1999
were for capital expenditures for the Company's facilities.

Net cash used in financing activities was $496,007 in 2000 compared to $101,314
in 1999. Financing activities in both 2000 and 1999 consisted primarily of
principal payments on outstanding debt. The increase in principal payments on
outstanding debt in 2000 was attributable to payments on the notes payable to
the shareholders of Stepic of approximately $488,000.

As discussed more fully in Note 6 of the Company's consolidated financial
statements included in the Company's Form 10-K for the year ended December 31,
1999, in May 1998, the Company entered into a $50 million amended and restated
credit facility (the "New Credit Facility") with Banc of America Commercial
Finance Corporation to be used for working capital purposes and to fund future
acquisitions. Portions of the amounts outstanding under the New Credit Facility
are payable in 16 quarterly installments beginning October 1, 2000 in amounts
representing 6.25% of the principal amounts outstanding on the payment due
dates. The remaining portion is due on the date of the expiration of the New
Credit Facility, which is July 1, 2004. The total balance outstanding under the
New Credit Facility was approximately $45 million and no funds were available
for borrowing under the New Credit Facility at March 31, 2000. In addition, the
Company had outstanding standby letters of credit at March 31, 2000 of
approximately $4.8 million, which collateralize the Company's obligations to
third parties in connection with its 1998 acquisitions. The Company's New
Credit Facility contains certain restrictive covenants that require a minimum
net worth and EBITDA as well as specific ratios such as total debt service
coverage, leverage, interest coverage and debt to capitalization. The covenants
also place limitations on capital expenditures, other borrowings, operating
lease arrangements and affiliate transactions. The Company and Banc of America
amended the New Credit Facility on March 31, 1999 and March 29, 2000, to adjust
certain of the financial ratio covenants and increase the interest rate. The
Company is in compliance with these covenants as of the date of this filing.


                                      -15-
<PAGE>   16

The Company is currently negotiating with various lenders to refinance the
existing senior indebtedness and to provide new subordinate debt or equity
investment, which, together with its cash flows from operations, the Company
believes will be sufficient to satisfy its future working capital and capital
expenditure requirements.

YEAR 2000 READINESS DISCLOSURE

The Company previously recognized the material nature of the business issues
surrounding computer processing of dates into and beyond the Year 2000 and
began taking corrective action. The Company's efforts included replacing and
testing four basic aspects of its business operations: internal information
technology ("IT") systems, including sales order processing, contract
management, financial systems and service management; internal non-IT systems,
including office equipment and test equipment products; building
infrastructure, including heating and cooling systems, security systems, water,
gas and electric; and material third-party relationships. Management believes
the Company has completed all of the activities within its control to ensure
that the Company's systems are Year 2000 compliant, and the Company has
experienced no interruptions to normal operations due to the start of the Year
2000.

The Company's Year 2000 readiness costs were not material and were incurred and
recorded as normal operating costs. The Company funded these costs through
funds generated from operations and such costs were generally not incremental
to existing IT budgets; internal resources were re-deployed and timetables for
implementation of replacement systems were accelerated. The Company does not
currently expect to apply any further funds to address Year 2000 issues.

As of March 31, 2000, the Company has not experienced any material disruptions
of its internal computer systems or software applications, and has not
experienced any problems with the computer systems or software applications of
its third party vendors, suppliers or service providers. The Company will
continue to monitor these third parties to determine the impact, if any, on the
business of the Company and the actions the Company must take, if any, in the
event of non-compliance by any of these third parties. Based upon the Company's
assessment of compliance by third parties, there appears to be no material risk
posed by any such noncompliance. Moreover, the Company generally believes that
the vendors that supply products to the Company for resale are responsible for
the products' Year 2000 functionality.

Although the Company's Year 2000 rollover did not present any material business
disruption, there were some remaining Year 2000-related risks, including risks
due to the fact that the year 2000 is a leap year. These risks included
potential product supply issues and other non-operational issues. Management
believes that appropriate action was taken to address these remaining Year 2000
issues and contingency plans were in place to minimize the financial impact to
the Company. Management, however, cannot be certain that Year 2000 issues will
not have a material adverse impact on the Company, since the evaluation process
is not yet complete and it is early in the Year 2000.


                                      -16-
<PAGE>   17

RECENTLY ISSUED ACCOUNTING STANDARDS

Note 1 of the interim condensed consolidated financial statements included
elsewhere in this Form 10-Q describes the recently issued accounting standards.

FORWARD-LOOKING STATEMENTS

Certain statements made in this report, and other written or oral statements
made by or on behalf of the Company, may constitute "forward-looking
statements" within the meaning of the federal securities laws. Statements
regarding future events and developments and the Company's future performance,
as well as management's expectations, beliefs, plans, estimates or projections
relating to the future, are forward-looking statements within the meaning of
these laws. All forward-looking statements are subject to certain risks and
uncertainties that could cause actual events to differ materially from those
projected. Such risks and uncertainties include, among others, the Company's
limited manufacturing experience, the inability to efficiently manufacture
different products and to integrate newly acquired products with existing
products, the possible failure to successfully commence the manufacturing of
new products, the possible failure to maintain or increase production volumes
of new or existing products in a timely or cost-effective manner, the possible
failure to maintain compliance with applicable licensing or regulatory
requirements, the inability to successfully integrate acquired operations and
products or to realize anticipated synergies and economies of scale from
acquired operations, the dependence on patents, trademarks, licenses and
proprietary rights, the Company's potential exposure to product liability, the
possible inadequacy of the Company's cash flow from operations and cash
available from external financing, the inability to introduce new products, the
Company's reliance on a few large customers, the Company's dependence on key
personnel, the fact that the Company is subject to control by certain
shareholders, the Company's ability to address Year 2000 problems, pricing
pressure related to healthcare reform and managed care and other healthcare
provider organizations, the possible failure to comply with applicable federal,
state or foreign laws or regulations, limitations on third-party reimbursement,
the highly competitive and fragmented nature of the medical devices industry,
deterioration in general economic conditions and the Company's ability to pay
its indebtedness. Management believes that these forward-looking statements are
reasonable; however, you should not place undue reliance on such statements.
These statements are based on current expectations and speak only as of the
date of such statements. The Company undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result of future
events, new information or otherwise. Additional information concerning the
risk and uncertainties listed above and other factors that you may wish to
consider is contained in the Company's Form 10-K for the year ended December
31, 1999.


                                      -17-
<PAGE>   18


ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
         MARKET RISK.

Like other companies, the Company is exposed to market risks relating to
fluctuations in interest rates. The Company's objective of financial risk
management is to minimize the negative impact of interest rate fluctuations on
the Company's earnings and cash flows.

To manage this risk, the company has entered into an interest rate cap agreement
("the Cap Agreement") with Bank of America to minimize the risk of credit loss.
The Company uses this Cap Agreement to reduce risk by essentially creating
offsetting market exposures. The Cap Agreement is not held for trading purposes.

At December 31, 1999, and March 31, 2000, the Company had approximately $45
million outstanding under its New Credit Facility, which expires in July 2004.
Amounts outstanding under the New Credit Facility of approximately $11.1
million at December 31, 1999, and $10.5 million at March 31, 2000, were subject
to the Cap Agreement, which expires in October 2002. The Cap Agreement settles
quarterly and the cap rate is 8.8%.

For more information on the Cap Agreement, see Notes 2 and 6 to the Company's
consolidated financial statements included in the Company's Form 10-K for the
year ended December 31, 1999.


                                      -18-
<PAGE>   19

                           PART II. OTHER INFORMATION


ITEM 2.  CHANGES IN SECURITIES.

(a)    On March 29, 2000, the company entered into the Third Amendment to
       Amended and Restated Credit Agreement and Waiver by and among the
       Company, the Lenders referred to therein and Banc of America Commercial
       Finance Corporation, as Agent. The Amended and Restated Credit
       Agreement and Waiver, as amended, currently prohibits the payment of
       dividends on the Company's capital stock and also restricts the
       Company's capital expenditures.


                                      -19-
<PAGE>   20

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.

(a)    Exhibits

<TABLE>
<CAPTION>
       Exhibit Number    Description
       --------------    -----------
       <S>               <C>
         10.1            Third Amendment to Amended and Restated Credit
                         Agreement and Waiver, dated as of March 29, 2000, by
                         and among the Company, the Lenders referred to therein
                         and Banc of America Commercial Finance Corporation, as
                         Agent.

         27.1            Financial Data Schedule (for SEC filing purposes only).
</TABLE>


(b)    Reports on Form 8-K

       The Company did not file any reports on Form 8-K during the quarter
       ended March 31, 2000.


                                      -20-
<PAGE>   21

                         HORIZON MEDICAL PRODUCTS, INC.

                                    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.


                                             HORIZON MEDICAL PRODUCTS, INC.
                                             ----------------------------------
                                             (Registrant)



May 15, 2000                                  /s/ Robert M. Dodge
------------                                 ----------------------------------
                                             Senior Vice-President and
                                             Chief Financial Officer
                                             (Principal Accounting Officer and
                                             Duly Authorized Officer)


                                      -21-