<PAGE>   1
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION

                              WASHINGTON, DC 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 June 30, 2000

                                       Or

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

          For the transition period from _____________to______________

                         Commission File Number 0-26390



                               CELERIS CORPORATION
             (Exact name of registrant as specified in its charter)


            MINNESOTA                                      41-1545493
(State or other jurisdiction of
 incorporation or organization)                       (IRS Employer ID No.)

                              1801 WEST END AVENUE
                                    SUITE 750
                               NASHVILLE, TN 37203
                                 (615) 341-0223
                  (Address including zip code, of Registrant's
                    principal executive offices and telephone
                          number, including area code)

Indicate by check mark whether the registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (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. [X] Yes [ ] No

As of July 31, 2000 there were 3,178,655 shares of the registrant's common stock
outstanding.

<PAGE>   2

                               CELERIS CORPORATION

                                TABLE OF CONTENTS

<TABLE>
<S>                                                                                                <C>
PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements (Unaudited)

Condensed Consolidated Balance Sheets as of June 30, 2000 and December 31, 1999 ...............    1
Condensed Consolidated Statements of Operations For the Three and Six Months
                   Ended June 30, 2000 and 1999 ...............................................    2
Condensed Consolidated Statements of Cash Flows For the Six Months Ended June 30, 2000 and 1999    3
Notes to Condensed Consolidated Financial Statements ..........................................    4

Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations     6

Item 3.  Quantitative and Qualitative Disclosures About Market Risks ..........................    9

PART II.  OTHER INFORMATION

Item 1.  Legal Proceedings ....................................................................    9
Item 2.  Submission of Matters to a Vote of Security Holders ..................................   10
Item 5.  Other Information ....................................................................   10
Item 6.  Exhibits and Reports on Form 8-K .....................................................   10
</TABLE>

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT
OF 1995.

This Quarterly Report on Form 10-Q contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended and Section
21E of the Securities Exchange Act of 1934, as amended. These forward-looking
statements include statements regarding intent, belief or current expectations
of Celeris Corporation (the "Company") and its management. Such forward-looking
statements are not guarantees of future performance and involve risks and
uncertainties that may cause the Company's actual results to differ materially
from the results discussed in the forward-looking statements. Risks and
uncertainties that might cause such differences include, but are not limited to:
(1) the Company's ability to generate sufficient revenue and adequately control
costs to keep increases in expenditures below revenue growth, if any, to achieve
profitability and positive cash flow; (2) fluctuations in quarterly operating
results as a result of commencement or completion of significant contracts
and/or delays in the implementation or termination of particular clinical
trials; (3) the Company's dependence on the amount of research and development
activities, particularly clinical trials, of pharmaceutical, medical device and
biotechnology companies; (4) intense competition in the market for clinical
research services; (5) potential cancellation, delay or change in scope of a
large client contract or multiple client contracts for clinical research
services which may leave the Company with excess capacity; (6) the Company's
reported backlog may not be a meaningful predictor of future revenue due to
potential termination, delay or changes in scope of client contracts; (7) a
material portion of the Company's future revenue is dependent on a single
client; (8) challenges presented by the Company's clinical research operations,
which will require the Company to attract and integrate new key employees and to
develop new operational and financial systems, procedures and controls; (9) the
Company's dependence on regulation of the pharmaceutical, medical device and
biotechnology industries; (10) the possibility of adverse outcomes related to
the Company's shareholder lawsuits or SEC investigation; (11) the timing of the
development of the Company's Internet capabilities, and the related market
acceptance thereof; and (12) risks associated with the Company's discontinued
operations, including the failure to realize the Company's assumptions regarding
estimated remaining liability amounts. The forward-looking statements herein are
qualified in their entirety by the cautionary statement and risk factors set
forth in Item 1, under the caption "Cautionary Statement and Risk Factors," of
the Company's Annual Report on Form 10-K, dated March 24, 2000. A copy of the
Form 10-K may be obtained from the Public Reference Branch of the SEC at 450
Fifth Street NW, Washington, DC at prescribed rates.

<PAGE>   3

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

CELERIS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                               JUNE 30,      DECEMBER 31,
                                                                 2000            1999
                                                            ------------    ------------

<S>                                                         <C>             <C>
       ASSETS
Current assets:
       Cash and cash equivalents                            $  5,183,995    $  7,397,220
       Restricted funds                                          559,849         545,126
       Short-term investments                                         --       1,022,847
       Accounts receivable, net of allowance of $513,000
            and $343,000, respectively                         3,412,844       1,773,678
       Other current assets                                      393,058       1,051,647
                                                            ------------    ------------
             Total current assets                              9,549,746      11,790,518

Net furniture, fixtures and equipment                          1,545,475       1,387,964
                                                            ------------    ------------
             Total assets                                   $ 11,095,221    $ 13,178,482
                                                            ============    ============

       LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
       Accounts payable and accrued expenses                $    807,650    $  1,067,907
       Deferred revenue and payables                             453,379         446,201
       Accrued compensation                                      155,857         452,621
       Current portion of capital lease obligation               118,176              --
       Net current liabilities of discontinued operations      1,091,209       1,195,523
                                                            ------------    ------------
             Total current liabilities                         2,626,271       3,162,252

Long-term portion of capital lease obligation                    186,311              --
COMMITMENTS AND CONTINGENCIES                                         --              --

SHAREHOLDERS' EQUITY:
       Common stock, $.01 par value - 13,511,111 shares
             authorized; 3,178,655 and 3,119,646 shares
                  issued and outstanding, respectively            31,787          31,196
       Additional paid-in capital                             67,623,349      67,517,873
       Accumulated deficit                                   (59,372,497)    (57,532,839)
                                                            ------------    ------------
             Total shareholders' equity                        8,282,639      10,016,230
                                                            ------------    ------------
             Total liabilities and shareholders' equity     $ 11,095,221    $ 13,178,482
                                                            ============    ============
</TABLE>




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




                                       1
<PAGE>   4

CELERIS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

<TABLE>
<CAPTION>
                                                    FOR THE THREE MONTHS ENDED     FOR THE SIX MONTHS ENDED
                                                              JUNE 30                      JUNE 30
                                                    --------------------------    --------------------------
                                                        2000           1999           2000           1999
                                                    -----------    -----------    -----------    -----------
<S>                                                 <C>            <C>            <C>            <C>
Revenue                                             $ 2,859,191    $ 2,398,729    $ 5,648,254    $ 4,331,591
Cost of sales                                         1,896,707      1,643,681      3,854,325      3,017,078
                                                    -----------    -----------    -----------    -----------
           Gross profit                                 962,484        755,048      1,793,929      1,314,513
Selling, general and administrative expenses          2,044,008      1,930,488      3,820,946      3,858,306
                                                    -----------    -----------    -----------    -----------
           Loss from operations                      (1,081,524)    (1,175,440)    (2,027,017)    (2,543,793)
Interest income, net                                     87,923        139,028        187,359        308,853
                                                    -----------    -----------    -----------    -----------
           Loss from continuing operations             (993,601)    (1,036,412)    (1,839,658)    (2,234,940)

Discontinued operations:
      Loss from discontinued operations                      --             --             --             --
      Gain on disposal of discontinued operations            --        200,000             --        400,000
                                                    -----------    -----------    -----------    -----------
      Total discontinued operations                          --        200,000             --        400,000
                                                    -----------    -----------    -----------    -----------
           Net loss                                 $  (993,601)   $  (836,412)   $(1,839,658)   $(1,834,940)
                                                    ===========    ===========    ===========    ===========
Basic income (loss) per common share:
      Continuing operations                         $     (0.32)   $     (0.33)   $     (0.59)   $     (0.71)
      Discontinued operations                                --           0.06             --           0.13
                                                    -----------    -----------    -----------    -----------
                                                    $     (0.32)   $     (0.27)   $     (0.59)   $     (0.58)
                                                    ===========    ===========    ===========    ===========
Diluted income (loss) per common share:
      Continuing operations                         $     (0.32)   $     (0.33)   $     (0.59)   $     (0.71)
      Discontinued operations                                --           0.06             --           0.13
                                                    -----------    -----------    -----------    -----------
                                                    $     (0.32)   $     (0.27)   $     (0.59)   $     (0.58)
                                                    ===========    ===========    ===========    ===========
Weighted average shares outstanding:
       Basic                                          3,129,978      3,134,883      3,127,196      3,137,333
       Diluted                                        3,129,978      3,134,883      3,127,196      3,137,333
</TABLE>



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




                                       2
<PAGE>   5

CELERIS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

<TABLE>
<CAPTION>
                                                                        FOR THE SIX MONTHS ENDED
                                                                                JUNE 30
                                                                       --------------------------
                                                                           2000           1999
                                                                       -----------    -----------
<S>                                                                    <C>            <C>
OPERATING ACTIVITIES:
   Net loss                                                            $(1,839,658)   $(1,834,940)
   Adjustments to reconcile net loss to net cash
       used in continuing operating activities:
       Depreciation                                                        301,511        216,733
       Provision for bad debts                                             113,020         92,264
       Gain on disposal of discontinued operations                              --       (400,000)
       Value of options issued for consulting services                          --         21,225

   Changes in operating assets and liabilities:
       Accounts receivable                                              (1,752,186)      (857,546)
       Other current assets                                                672,137         10,611
       Accounts payable and accrued expenses                              (260,257)       268,452
       Deferred revenue and payables                                         7,178        108,383
       Accrued compensation                                               (296,764)        56,102
                                                                       -----------    -----------
             Net cash used in continuing operating activities           (3,055,019)    (2,318,716)

INVESTING ACTIVITIES:
   Increase in restricted funds                                            (14,723)            --
   Sales and maturities of short-term investments                        1,022,847      4,046,835
   Purchases of furniture, fixtures and equipment                         (112,791)      (534,149)
                                                                       -----------    -----------
             Net cash provided by investing activities                     895,333      3,512,686

FINANCING ACTIVITIES:
   Principal payments on capital lease obligation                          (55,292)            --
   Repurchase of common stock                                                   --       (140,418)
   Net proceeds from issuance of common stock                              106,066             --
                                                                       -----------    -----------
            Net cash provided by (used in) financing activities             50,774       (140,418)
Cash used in discontinued operations                                      (104,313)    (1,848,973)
                                                                       -----------    -----------
Decrease in cash and cash equivalents                                   (2,213,225)      (795,421)
Cash and cash equivalents at beginning of period                         7,397,220      8,138,542
                                                                       -----------    -----------
Cash and cash equivalents at end of period                             $ 5,183,995    $ 7,343,121
                                                                       ===========    ===========
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
      Cash paid during the period for interest                         $    14,918    $        --

SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
      Assets acquired under capital lease obligation                   $   383,182    $        --
</TABLE>


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




                                       3
<PAGE>   6

CELERIS CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

1. BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements of
Celeris Corporation (the "Company") have been prepared in accordance with
generally accepted accounting principles for interim financial information and
with the instructions to Form 10-Q and Article 10 of Regulation S-X.
Accordingly, they do not include all of the information and footnotes required
by generally accepted accounting principles for complete financial statements.
In the opinion of management, all adjustments (including normal recurring
accruals) considered necessary for a fair presentation have been included.
Certain prior period amounts have been reclassified to conform with current
presentation. Operating results for the three and six month periods are not
necessarily indicative of the results that may be expected for the year ended
December 31, 2000. For further information, refer to the consolidated financial
statements and footnotes thereto for the year ended December 31, 1999 in the
Company's Annual Report to Shareholders as incorporated in the Company's Form
10-K for the year ended December 31, 1999.

2. INCOME (LOSS) PER COMMON SHARE

Basic income (loss) per common share is computed by dividing income (loss) for
the period by the weighted average number of shares of common stock outstanding
during the period. The computation of diluted income (loss) per common share
requires that the number of weighted average shares outstanding be increased for
the assumed exercise of dilutive options using the treasury stock method.

Diluted loss per share for the three months and six months ended June 30, 2000
and 1999 does not include common stock equivalents of 1,159,761 and 850,256,
respectively, as their effect would be antidilutive.

3. DISCONTINUED OPERATIONS

On June 10, 1998, the Company announced its intention to transition out of the
healthcare provider software market and focus its resources on its clinical
research services segment. The financial position and results of operations of
the healthcare provider software segment are reported as discontinued operations
and all prior period amounts have been restated to reflect the discontinued
operations. On December 24, 1998, the Company completed the sale of its
healthcare provider software business. As consideration for the sale, the
Company received $1.5 million, including $200,000 during the first quarter of
1999 and $200,000 during the second quarter of 1999, all of which was recorded
as gain on disposal of discontinued operations. The Company has retained certain
liabilities related to the software segment including certain amounts due under
customer contracts and other liabilities related to the disposal of the segment,
which totaled approximately $1.09 million at June 30, 2000.

4. ONE-FOR-THREE REVERSE STOCK SPLIT

On July 26, 1999, the Board of Directors declared a one-for-three reverse stock
split applicable to shareholders of record July 29, 1999. The stated par value
of the Company's common stock was not changed from $0.01. As a result, a total
of $61,646 was reclassified from the Company's common stock account to the
Company's additional paid-in capital account. Income (loss) per share, common
stock outstanding and stock option data referred to in the financial statements
and notes hereto have been adjusted retroactively to give effect to the reverse
stock split.

5. CONTINGENCIES

The Company is a defendant in IN RE SUMMIT MEDICAL SYSTEMS, INC. SECURITIES
LITIGATION, a consolidated federal court securities action venued in the United
States District Court, District of Minnesota. The putative class action was
filed on March 10, 1997 and alleges violations of Section 10(b) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act") and Rule 10b-5,
Section 20(a) of the Exchange Act, Section 11 of the Securities Act of 1933, as
amended (the "Securities Act"), and Section 15 of the Securities Act. The
Company is also a defendant in a federal court securities action captioned
TEACHERS' RETIREMENT SYSTEM OF LOUISIANA V. SUMMIT MEDICAL SYSTEMS, INC. ET. AL.
The Teachers' Retirement action was filed on



                                       4
<PAGE>   7

April 16, 1997 in the United States District Court, District of Minnesota and is
not a class action. In addition to the claims alleged in the consolidated
action, the Teachers' Retirement complaint alleges a claim under Section 18(a)
of the Exchange Act, common law fraud, and negligent misrepresentation. Each
action alleges, in essence, that the Company made misleading public disclosures
relating to its financial statements and seeks compensatory damages for losses
incurred as a result of each alleged misleading public disclosure. As to federal
securities law claims, both actions are subject to the Private Securities
Litigation Reform Act of 1995 (the "Reform Act"). The actions do not state the
monetary damages that are being sought at this time. The Company intends to
defend against these actions vigorously. There can be no assurance that any
judgment, order or decree against the Company arising out of these actions will
not have a material adverse effect on the Company or its business.

The Division of Enforcement of the Securities and Exchange Commission (the
"Commission") began an investigation of the Company on March 27, 1997, relating
to the Company's restatement of certain financial statements. The Company is
cooperating fully with the Commission and its investigation. There can be no
assurance that any order, decree or other action issued or taken by the
Commission arising out of its investigation will not result in sanctions against
the Company or certain individuals that could have a material adverse effect on
the Company or its business.

The Company and certain of the Company's directors and former officers were
defendants in the declaratory relief action, DAVID FOSTER ET. AL. V. SUMMIT
MEDICAL SYSTEMS, INC. ET. AL., venued in the District Court of Hennepin County,
Minnesota. The action was initiated on August 7, 1998 and sought a declaration
that no coverage was available under the Company's directors' and officers'
insurance policies for the Company's pending federal securities actions or the
investigation by the Commission. The plaintiffs, the insurance underwriters of
the Company's directors' and officers' insurance policies, alleged that the
claims the Company submitted for coverage involved matters commenced before the
period covered by the policies. Additionally, the plaintiffs alleged that the
Commission's investigation did not constitute a proper claim under the policies.
On July 22, 1999, the District Court of Hennepin County, Minnesota ruled in
favor of the Company's motion for summary judgment in the declaratory relief
action, DAVID FOSTER ET. AL. V. SUMMIT MEDICAL SYSTEMS, INC. ET. AL. The
District Court held that the Company's directors' and officers' insurance
policies covered claims related to the Company's pending federal securities
actions and the investigation by the Commission. On October 6, 1999, the
insurance underwriters filed a notice of appeal of the District Court's order
with the Minnesota Court of Appeals. On May 16, 2000, the Minnesota Court of
Appeals issued an opinion reversing the District Court's decision, concluding
that the coverage under the policies is barred by the policies' retroactive date
exclusion. The Company promptly petitioned the Minnesota Supreme Court for a
review of the appellate court decision, but on July 25, 2000, the Supreme Court
denied the Company's petition. There are no further appeals available to the
Company in seeking coverage under the Company's directors' and officers'
insurance policies. There can be no assurance that any judgment, order or decree
against the Company arising out of the pending federal securities actions or the
investigation by the Commission will not have a material adverse effect on the
Company or its business.

6. SEGMENT REPORTING INFORMATION

The Company has adopted SFAS No. 131, "Disclosures About Segments of an
Enterprise and Related Information." SFAS No. 131 established standards for
disclosure of financial information related to operating segments of the
Company. SFAS No. 131 defines an operating segment as a component of a company
for which operating results are reviewed regularly by the chief operating
decision maker to determine resource allocation and assess performance. The
Company has four segments reportable under the guidelines of SFAS No. 131: the
Company's clinical monitoring services group, a start-up operation formed in the
second quarter of 1998; data management and biostatistical services group, a
start-up operation formed in the fourth quarter of 1998; regulatory consulting
services group; and the Company's corporate operating function.

The Company's operating segment disclosures are as follows:




                                       5
<PAGE>   8

<TABLE>
<CAPTION>
                                            CLINICAL          DATA
                                           MONITORING      MANAGEMENT    REGULATORY
                                            SERVICES        SERVICES     CONSULTING      CORPORATE      CONSOLIDATED
                                           -----------    -----------    -----------    ------------    ------------
<S>                                        <C>            <C>            <C>            <C>             <C>
THREE MONTHS ENDED JUNE 30, 2000
--------------------------------
Revenue                                    $   526,929    $   715,871    $ 1,616,391    $         --    $  2,859,191
Income (loss) from continuing operations       (88,224)      (309,271)       246,184        (842,290)       (993,601)
Segment assets                                 546,263      1,561,113      3,157,953       5,829,892      11,095,221

THREE MONTHS ENDED JUNE 30, 1999
--------------------------------
Revenue                                    $   125,839    $   421,542    $ 1,851,348    $         --    $  2,398,729
Loss from continuing operations               (301,163)      (173,792)       (50,505)       (510,952)     (1,036,412)
Segment assets                                 386,126        927,206      2,569,166      10,464,766      14,347,264

SIX MONTHS ENDED JUNE 30, 2000
------------------------------
Revenue                                    $ 1,064,745    $ 1,331,332    $ 3,252,177    $         --    $  5,648,254
Income (loss) from continuing operations      (171,714)      (626,534)       444,663      (1,486,073)     (1,839,658)
Segment assets                                 546,263      1,561,113      3,157,953       5,829,892      11,095,221

SIX MONTHS ENDED JUNE 30, 1999
------------------------------
Revenue                                    $   177,971    $   619,586    $ 3,534,034    $         --    $  4,331,591
Loss from continuing operations               (648,309)      (494,027)      (131,186)       (961,418)     (2,234,940)
Segment assets                                 386,126        927,206      2,569,166      10,464,766      14,347,264
</TABLE>


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

OVERVIEW

The Company is a provider of specialty clinical research and information
technology services that expedite and streamline the clinical trial and
regulatory submission process for pharmaceutical, medical device and
biotechnology manufacturers.

On June 10, 1998, the Company announced its intention to transition out of the
healthcare provider software market and focus its resources on its clinical
research services segment. The financial position and results of operations of
the healthcare provider software segment are reported as discontinued operations
and all prior period amounts have been restated to reflect the discontinued
operations. On December 24, 1998, the Company completed the sale of its
healthcare provider software business. As consideration for the sale, the
Company received $1.5 million, including $200,000 during the first quarter of
1999 and $200,000 during the second quarter of 1999, all of which was recorded
as gain on disposal of discontinued operations. The Company has retained certain
liabilities related to the software segment including certain amounts due under
customer contracts and other liabilities related to the disposal of the segment,
which totaled approximately $1.09 million at June 30, 2000.

Effective January 29, 1999 the Company changed its name from Summit Medical
Systems, Inc. to Celeris Corporation.

On July 26, 1999, the Company's Board of Directors approved a one-for-three
reverse stock split of its common stock, applicable to shareholders of record at
the close of trading July 29, 1999. Income (loss) per share, common stock
outstanding and stock option data included in this Form have been adjusted
retroactively to give effect to the reverse stock split.

As of June 30, 2000, the Company had a backlog of projects for clinical studies
management, clinical monitoring staffing and data management with an aggregate
contract value of approximately $4.5 million. This backlog is in addition to the
Company's regulatory consulting business, which has historically generated
approximately $1.0 million in revenue per quarter. Potential cancellation, delay
or change in the scope of projects may affect the value of the Company's
backlog.



                                       6
<PAGE>   9

RESULTS OF OPERATIONS

Three Months Ended June 30, 2000 Compared to Three Months Ended June 30, 1999

The Company incurred a net loss of $994,000, or $0.32 per diluted share, for the
three months ended June 30, 2000 as compared to a net loss of $836,000, or $0.27
per diluted share, for the year earlier period. The 2000 results consist solely
of a loss from continuing operations of $994,000, or $0.32 per diluted share.
The 1999 results include a loss from continuing operations of $1.04 million, or
$0.33 per diluted share and a gain on disposal of discontinued operations of
$200,000 or $0.06 per diluted share.

Continuing Operations. Revenue from continuing operations for the three months
ended June 30, 2000 was $2.86 million compared to $2.40 million for the year
earlier period, an increase of 19.2%. This increase in revenue is attributed
primarily to increased volume of services performed related to the Company's
expanded service capabilities. However, given the Company's current size,
management believes that fluctuations in the timing of new business may impact
revenue growth rates on a quarterly basis.

Cost of sales were $1.90 million for the 2000 period, or 66.3% of revenue,
compared to $1.64 million for the 1999 period, or 68.5% of revenue. This
decrease in cost of sales as a percentage of revenue is primarily the result of
increased utilization of client service personnel. Further improvement in cost
of sales as a percentage of revenue will be dependent upon keeping client
service personnel utilized as billable resources.

General and administrative expenses were $2.04 million, or 71.5% of revenue, for
the 2000 period compared to $1.93 million, or 80.5% of revenue, for the 1999
period. This decrease in general and administrative expenses as a percentage of
revenue is primarily due to a higher volume of business during the 2000 period.

Interest income net of interest expense for the 2000 period was $88,000 compared
to $139,000 for the 1999 period. The decrease is due to the Company's cash and
cash equivalents balance, including restricted funds and short-term investments,
which decreased to $5.74 million at June 30, 2000 from $10.38 million at June
30, 1999, due to losses incurred related to the Company's continuing operations,
as well as capital expenditures and cash used in discontinued operations.

Discontinued Operations. Discontinued operations had no effect on the results of
operations for the 2000 period. The gain on disposal of discontinued operations
of $200,000 in the 1999 period represents cash received from the sale of the
assets of the discontinued healthcare provider software segment.

Six Months Ended June 30, 2000 Compared to Six Months Ended June 30, 1999

The Company incurred a net loss of $1.84 million, or $0.59 per diluted share,
for the six months ended June 30, 2000 as compared to a net loss of $1.83
million, or $.058 per diluted share, for the year earlier period. The 2000
results consist solely of a loss from continuing operations of $1.84 million, or
$0.59 per diluted share. The 1999 results include a loss from continuing
operations of $2.23 million, or $0.71 per diluted share and a gain on disposal
of discontinued operations of $400,000 or $0.13 per diluted share.

Continuing Operations. Revenue from continuing operations for the six months
ended June 30, 2000 was $5.65 million compared to $4.33 million for the year
earlier period, an increase of 30.4%. This increase in revenue is attributed
primarily to increased volume of services performed related to the Company's
expanded service capabilities. However, given the Company's current size,
management believes that fluctuations in the timing of new business may impact
revenue growth rates on a quarterly basis.

Cost of sales were $3.85 million for the 2000 period, or 68.2% of revenue,
compared to $3.02 million for the 1999 period, or 69.7% of revenue. This
decrease in cost of sales as a percentage of revenue is primarily the result of
increased utilization of client service personnel. Further improvement in cost
of sales as a percentage of revenue will be dependent upon keeping client
service personnel utilized as billable resources.



                                       7
<PAGE>   10

General and administrative expenses were $3.82 million, or 67.6% of revenue, for
the 2000 period compared to $3.86 million, or 89.1% of revenue, for the 1999
period. This decrease in general and administrative expenses as a percentage of
revenue is primarily due to a higher volume of business during the 2000 period.

Interest income net of interest expense for the 2000 period was $187,000
compared to $309,000 for the 1999 period. The decrease is due to the Company's
cash and cash equivalents balance, including restricted funds and short-term
investments, which decreased to $5.74 million at June 30, 2000 from $10.38
million at June 30, 1999, due to losses incurred related to the Company's
continuing operations, as well as capital expenditures and cash used in
discontinued operations.

Discontinued Operations. Discontinued operations had no effect on the results of
operations for the 2000 period. The gain on disposal of discontinued operations
of $400,000 in the 1999 period represents cash received from the sale of the
assets of the discontinued healthcare provider software segment.

LIQUIDITY AND CAPITAL RESOURCES

The Company's cash and cash equivalents, including restricted funds and
short-term investments, totaled $5.74 million as of June 30, 2000, a decrease of
$3.22 million from December 31, 1999. As of June 30, 2000, the Company had net
working capital of $6.92 million, compared to $8.63 million at December 31,
1999. This decrease resulted primarily from net losses of $1.84 million incurred
during the six months ended June 30, 2000. Management anticipates the Company
will continue to experience operating losses through 2000, and as a result, it
believes working capital will continue to decline.

As of June 30, 2000, the Company had $3.41 million in accounts receivable, net
of bad debt allowance, compared to $1.77 million as of December 31, 1999. The
Company believes its current allowance of $513,000 for bad debts is adequate.
The Company's days sales outstanding in accounts receivable was 109 days at June
30, 2000 compared to 62 days at December 31, 1999. Days sales outstanding in
accounts receivable may fluctuate in future periods as the Company's mix of
business related to the expanded service offerings continues to evolve.

The Company sold its healthcare provider software business effective December
24, 1998 and has collected $1.5 million in related proceeds. The Company
received the final payment of $600,000 on January 31, 2000. Also related to the
sale of the software business, the Company has retained certain liabilities of
$1.09 million as of June 30, 2000, including certain amounts due under customer
contracts and other liabilities related to the disposal of the segment.

The Company's Board of Directors has authorized a stock repurchase program under
which up to 666,667 shares of the Company's common stock may be repurchased.
From inception of the stock repurchase program in August 1997 through June 30,
2000, the Company has repurchased 439,867 shares of common stock for
approximately $3.05 million. As of June 30, 2000, there were 3,178,655 shares of
the Company's common stock issued and outstanding.

As of June 30, 2000, the Company had approximately $560,000 subject to
withdrawal restrictions as a condition of certain lease agreements for office
space and equipment. The amount of cash restricted under the lease agreements
decreases over the term of the leases, which extend to December 2002.

The Company believes that continued expenditure of funds will be necessary to
support its future operations, and that cash and cash equivalents, including
restricted funds, of $5.74 million on hand at June 30, 2000 will be sufficient
to fund its operations, capital requirements, and expansion goals through 2000.
However, there can be no assurances that the Company will generate sufficient
revenue, or adequately control costs, to achieve profitability or positive cash
flow for periods in or beyond 2000. If the Company cannot achieve profitability
or positive cash flow or its contingencies result in material expenditures, the
Company may require additional external financing in the future. There can be no
assurances that such financing will be available on terms acceptable to the
Company.

The Company has experienced operating losses for each of the past five years.
Net losses for the year ended December 31, 1999 were $2.11 million and for the
six months ended June 30, 2000 were $1.84 million. The Company had an
accumulated deficit of $59.37 million as of June 30, 2000. The Company's ability
to increase



                                       8
<PAGE>   11

revenue, and to achieve profitability and positive cash flow will depend on a
number of factors as summarized above under "Safe Harbor Statement under the
Private Securities Litigation Reform Act of 1995" and under "Cautionary
Statement and Risk Factors" included in Item 1 of the Company's Annual Report on
Form 10-K, dated March 24, 2000.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company has no derivative financial instruments or derivative commodity
instruments in its cash and cash equivalents and restricted funds. The Company
invests its cash and cash equivalents and restricted funds in investment grade,
highly liquid investments and does not believe these investments are subject to
material market risks. In addition, all of the Company's transactions are
conducted and accounts are denominated in U.S. dollars. Accordingly, the Company
is not exposed to foreign currency risks.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The Company is a defendant in IN RE SUMMIT MEDICAL SYSTEMS, INC. SECURITIES
LITIGATION, a consolidated federal court securities action venued in the United
States District Court, District of Minnesota. The putative class action was
filed on March 10, 1997 and alleges violations of Section 10(b) of the
Securities Exchange Act of 1934, as amended (the "Exchange Act") and Rule 10b-5,
Section 20(a) of the Exchange Act, Section 11 of the Securities Act of 1933, as
amended (the "Securities Act"), and Section 15 of the Securities Act. The
Company is also a defendant in a federal court securities action captioned
TEACHERS' RETIREMENT SYSTEM OF LOUISIANA V. SUMMIT MEDICAL SYSTEMS, INC. ET. AL.
The Teachers' Retirement action was filed on April 16, 1997 in the United States
District Court, District of Minnesota and is not a class action. In addition to
the claims alleged in the consolidated action, the Teachers' Retirement
complaint alleges a claim under Section 18(a) of the Exchange Act, common law
fraud, and negligent misrepresentation. Each action alleges, in essence, that
the Company made misleading public disclosures relating to its financial
statements and seeks compensatory damages for losses incurred as a result of
each alleged misleading public disclosure. As to federal securities law claims,
both actions are subject to the Private Securities Litigation Reform Act of 1995
(the "Reform Act"). The actions do not state the monetary damages that are being
sought at this time. The Company intends to defend against these actions
vigorously. There can be no assurance that any judgment, order or decree against
the Company arising out of these actions will not have a material adverse effect
on the Company or its business.

The Division of Enforcement of the Securities and Exchange Commission (the
"Commission") is conducting an investigation of the Company, relating to the
Company's restatement of certain financial statements. The Company is
cooperating fully with the Commission and its investigation. There can be no
assurance that any order, decree or other action issued or taken by the
Commission arising out of its investigation will not result in sanctions against
the Company or certain individuals that could have a material adverse effect on
the Company or its business.

The Company and certain of the Company's directors and former officers were
defendants in the declaratory relief action, DAVID FOSTER ET. AL. V. SUMMIT
MEDICAL SYSTEMS, INC. ET. AL., venued in the District Court of Hennepin County,
Minnesota. The action was initiated on August 7, 1998 and sought a declaration
that no coverage was available under the Company's directors' and officers'
insurance policies for the Company's pending federal securities actions or the
investigation by the Commission. The plaintiffs, the insurance underwriters of
the Company's directors' and officers' insurance policies, alleged that the
claims the Company submitted for coverage involved matters commenced before the
period covered by the policies. Additionally, the plaintiffs alleged that the
Commission's investigation did not constitute a proper claim under the policies.
On July 22, 1999, the District Court of Hennepin County, Minnesota ruled in
favor of the Company's motion for summary judgment in the declaratory relief
action, DAVID FOSTER ET. AL. V. SUMMIT MEDICAL SYSTEMS, INC. ET. AL. The
District Court held that the Company's directors' and officers' insurance
policies covered claims related to the Company's pending federal securities
actions and the investigation by the Commission. On October 6, 1999, the
insurance underwriters filed a notice of appeal of the District Court's order
with the Minnesota Court of Appeals. On May 16, 2000, the Minnesota Court of
Appeals issued an opinion reversing the District Court's decision, concluding
that the coverage under the policies is barred by the policies' retroactive date
exclusion. The Company promptly petitioned the Minnesota Supreme Court for a
review of the appellate court decision, but on July 25, 2000,



                                       9
<PAGE>   12
the Supreme Court denied the Company's petition. There are no further appeals
available to the Company in seeking coverage under the Company's directors' and
officers' insurance policies. There can be no assurance that any judgment, order
or decree against the Company arising out of the pending federal securities
actions or the investigation by the Commission will not have a material adverse
effect on the Company or its business.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The Company held its annual meeting of shareholders on April 27, 2000. There
were 3,129,437 shares of common stock outstanding and entitled to vote at the
annual meeting, and a total of 2,557,703 were represented at the meeting.
Matters voted on were the following:

1.       Proposal to elect six directors, each for a one year term:

<TABLE>
<CAPTION>
                                          For       Withhold Authority

<S>                                    <C>               <C>
         Barbara A. Cannon             2,201,936         355,767
         W. Hudson Connery, Jr         2,204,688         353,015
         Richard B. Fontaine           2,205,054         352,649
         Peter T. Garahan              2,205,428         352,275
         John M. Nehra                 2,207,387         350,316
         Andre G. Pernet, Ph.D         2,205,120         352,583
</TABLE>

2.       Proposal to approve the fifth amendment to the Celeris Corporation
         Stock Option Plan of 1993:

<TABLE>
<S>                                 <C>
         For                        1,073,580
         Against                      400,397
         Abstain                        8,907
         Broker Non-Vote            1,074,891
</TABLE>

3.       Proposal to adopt and ratify the Celeris Corporation 2000 Stock Option
         Plan:

<TABLE>
<S>                                 <C>
         For                        1,303,747
         Against                      167,005
         Abstain                       12,060
         Broker Non-Vote            1,074,891
</TABLE>

ITEM 5. OTHER INFORMATION

The Company has attached as Exhibits 99.1 and 99.2 its press releases dated
May 17, 2000 and July 26, 2000, respectively.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

         (a) Exhibits

         3.1      Articles of Incorporation of the Company (incorporated by
                  reference to Exhibits 3.1 and 3.2 of the Company's Annual
                  Report on Form 10-K for the year ended December 31, 1998)

         3.2      Bylaws of the Company (incorporated by reference to Exhibit
                  3.3 of the Company's Annual Report on Form 10-K for the year
                  ended December 31, 1998)



                                       10
<PAGE>   13

         3.3      Amendment to Amended Articles of Incorporation of the Company
                  (incorporated by reference to Exhibit 3.3 of the Company's
                  Quarterly Report on Form 10-Q for the quarter ended September
                  30, 1999)

         27.1     Financial Data Schedule (for SEC use only) - Six Months Ended
                  June 30, 2000

         99.1     Press Release dated May 17, 2000

         99.2     Press Release dated July 26, 2000

         (b) Reports on Form 8-K

             None.

                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                    Celeris Corporation



Date: August 11, 2000               By: /s/ Barbara A. Cannon
                                        ----------------------------------------
                                        Barbara A. Cannon
                                        President and Chief Executive Officer



Date: August 11, 2000               By: /s/ Paul R. Johnson
                                        ----------------------------------------
                                        Paul R. Johnson
                                        Vice President and Chief Financial
                                        Officer






                                       11