<PAGE>   1

                UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

CHECK ONE                           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, 1997
                                                  -------------
                                       OR
   [ ]        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934
             FOR THE TRANSACTION PERIOD FROM _________ TO _________.

                           AMERICAN HOMEPATIENT, INC.
             ----------------------------------------------------  
            (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

           DELAWARE                 0-19532               62-1474680
 ------------------------------    ----------   -------------------------------
(STATE OR OTHER JURISDICTION OF   (COMMISSION  (IRS EMPLOYER IDENTIFICATION NO.)
 INCORPORATION OR ORGANIZATION)   FILE NUMBER)


            5200 MARYLAND WAY, SUITE 400, BRENTWOOD, TENNESSEE 37027
            --------------------------------------------------------
               (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)

                                 (615) 221-8884
               --------------------------------------------------
              (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)


                                      NONE
               --------------------------------------------------
              (FORMER NAME, FORMER ADDRESS AND FORMER FISCAL YEAR,
                         IF CHANGED SINCE LAST REPORT.)

INDICATE BY CHECK MARK WHETHER THE REGISTRANT: (1) HAS FILED ALL REPORTS
REQUIRED TO BE FILED BY SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF
1934 DURING THE PRECEDING 12 MONTHS (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
                                               -----     ------
                                  14,841,951
--------------------------------------------------------------------------------

     (OUTSTANDING SHARES OF THE ISSUER'S COMMON STOCK AS OF AUGUST 7, 1997)

                          TOTAL NUMBER OF SEQUENTIALLY
                              NUMBERED PAGES IS 18





<PAGE>   2




                          PART I. FINANCIAL INFORMATION


ITEM 1 - FINANCIAL STATEMENTS

                   AMERICAN HOMEPATIENT, INC. AND SUBSIDIARIES

                  INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
                                   (unaudited)


<TABLE>
<CAPTION>
ASSETS
                                                                    December 31,          June 30,
                                                                        1996               1997
                                                                    -------------      -------------
<S>                                                                 <C>                <C>
CURRENT ASSETS
   Cash and cash equivalents                                        $   7,299,000      $   7,735,000
   Restricted cash                                                        425,000             50,000
   Accounts receivable, less allowance for doubtful accounts of
       $18,755,000 and $27,129,000, respectively                       79,460,000        107,570,000
   Inventories                                                         21,921,000         29,125,000
   Prepaid expenses and other assets                                    1,353,000          2,546,000
   Income tax receivable                                                  872,000               --
   Deferred tax asset                                                   7,470,000          7,470,000
                                                                    -------------      -------------
            Total current assets                                      118,800,000        154,496,000
                                                                    -------------      -------------

PROPERTY AND EQUIPMENT, at cost                                        95,254,000        121,571,000
   Less accumulated depreciation and amortization                     (38,384,000)       (50,745,000)
                                                                    -------------      -------------
            Net property and equipment                                 56,870,000         70,826,000
                                                                    -------------      -------------

OTHER ASSETS
   Excess of cost over fair value of net assets acquired, net         198,193,000        265,425,000
   Investment in unconsolidated joint ventures                         12,405,000         14,524,000
   Deferred costs, net                                                  2,761,000          2,572,000
   Other assets                                                         6,582,000          8,715,000
                                                                    -------------      -------------
            Total other assets                                        219,941,000        291,236,000
                                                                    -------------      -------------

                                                                    $ 395,611,000      $ 516,558,000
                                                                    =============      =============
</TABLE>

                                                                   

                                   (Continued)




                                       2
<PAGE>   3




                   AMERICAN HOMEPATIENT, INC. AND SUBSIDIARIES

                  INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
                                   (Continued)
                                   (unaudited)

<TABLE>
<CAPTION>
LIABILITIES AND STOCKHOLDERS' EQUITY
                                                                    December 31,          June 30,
                                                                        1996               1997
                                                                    -------------      -------------
<S>                                                                 <C>                <C>
CURRENT LIABILITIES
   Current portion of long-term debt and capital leases             $  10,245,000      $   9,705,000
   Trade accounts payable                                               8,698,000         12,081,000
   Income taxes payable                                                      --            2,680,000
   Other payables                                                         775,000            941,000
   Accrued expenses:
      Payroll and related benefits                                      6,672,000          7,735,000
      Other                                                             8,398,000          8,165,000
                                                                    -------------      -------------
            Total current liabilities                                  34,788,000         41,307,000
                                                                    -------------      -------------

NONCURRENT LIABILITIES
   Long-term debt and capital leases, less current portion            139,458,000        241,877,000
   Deferred income taxes                                                4,578,000          4,574,000
   Other noncurrent liabilities                                         1,145,000          1,176,000
                                                                    -------------      -------------
            Total noncurrent liabilities                              145,181,000        247,627,000
                                                                    -------------      -------------

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY
   Preferred stock, $.01 par value; authorized 5,000,000
      shares; none issued and outstanding                                    --                 --
   Common stock, $.01 par value; authorized 35,000,000
      shares; issued and outstanding, 14,677,000 and 14,825,000
      shares, respectively                                                147,000            148,000
   Paid-in capital                                                    166,780,000        169,221,000
   Retained earnings                                                   48,715,000         58,255,000
                                                                    -------------      -------------
            Total stockholders' equity                                215,642,000        227,624,000
                                                                    -------------      -------------

                                                                    $ 395,611,000      $ 516,558,000
                                                                    =============      =============
</TABLE>

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



                                       3


<PAGE>   4

                   AMERICAN HOMEPATIENT, INC. AND SUBSIDIARIES

             INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (unaudited)

<TABLE>
<CAPTION>
                                                    Three Months Ended June 30      Six Months Ended June 30
                                                    --------------------------    ----------------------------
                                                        1996          1997           1996            1997
                                                        ----          ----           ----            ----
<S>                                                 <C>            <C>            <C>             <C> 
REVENUES
   Sales and related service revenues               $26,330,000    $43,628,000    $ 50,812,000    $ 82,652,000
   Rentals and other revenues                        34,480,000     49,433,000      63,924,000      93,249,000
   Earnings from joint ventures                       1,608,000      1,727,000       2,736,000       3,474,000
                                                    -----------    -----------    ------------    ------------   
            Total revenues                           62,418,000     94,788,000     117,472,000     179,375,000
                                                    -----------    -----------    ------------    ------------   

EXPENSES
   Cost of sales and related services, excluding
       depreciation and amortization                 12,717,000     22,353,000      25,015,000      41,357,000
   Operating                                         32,060,000     48,217,000      59,806,000      92,182,000
   General and administrative                         4,132,000      3,778,000       7,569,000       7,631,000
   Depreciation and amortization                      5,604,000      8,284,000      10,549,000      15,513,000
   Interest                                           2,138,000      3,989,000       3,994,000       6,897,000
                                                    -----------    -----------    ------------    ------------   
            Total expenses                           56,651,000     86,621,000     106,933,000     163,580,000
                                                    -----------    -----------    ------------    ------------   

INCOME FROM OPERATIONS BEFORE INCOME TAXES            5,767,000      8,167,000      10,539,000      15,795,000


PROVISION FOR INCOME TAXES                            2,226,000      3,265,000       4,068,000       6,255,000
                                                    -----------    -----------    ------------    ------------   

NET INCOME                                          $ 3,541,000    $ 4,902,000    $  6,471,000    $  9,540,000
                                                    ===========    ===========    ============    ============   

WEIGHTED AVERAGE NUMBER OF COMMON SHARES             13,307,000     14,965,000      12,609,000      15,023,000
                                                    ===========    ===========    ============    ============   

INCOME PER SHARE                                    $      0.27    $      0.33    $       0.51    $       0.64
                                                    ===========    ===========    ============    ============   

</TABLE>


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





                                       4
<PAGE>   5
                   AMERICAN HOMEPATIENT, INC. AND SUBSIDIARIES

             INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (unaudited)

<TABLE>
<CAPTION>

                                                                    For the Six Months Ended June 30
                                                                    --------------------------------
                                                                        1996                1997
                                                                        ----                ----
<S>                                                                 <C>                <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net income from operations                                       $   6,471,000      $   9,540,000
   Adjustments to reconcile net income from operations
      to net cash provided from (used in) operating activities:
         Depreciation and amortization                                 10,549,000         15,513,000
         Equity in earnings of unconsolidated joint ventures           (1,402,000)        (1,830,000)
         Minority interest                                                 84,000             49,000

   Change in assets and liabilities, net of effects
      from acquisitions:
         Receivables, net                                              (7,545,000)       (15,163,000)
         Restricted cash                                                     --              375,000
         Inventories                                                     (545,000)        (3,044,000)
         Prepaid expenses and other                                      (647,000)        (1,113,000)
         Income taxes payable                                               3,000          3,724,000
         Trade accounts payable, accrued expenses
            and other current liabilities                              (3,533,000)        (1,415,000)
         Other assets                                                    (138,000)        (1,560,000)
                                                                    -------------      -------------
            Net cash provided from operating activities                 3,297,000          5,076,000
                                                                    -------------      -------------

CASH FLOWS FROM INVESTING ACTIVITIES:
   Acquisitions, net of cash acquired                                 (51,964,000)       (56,054,000)
   Additions to property and equipment, net                            (9,470,000)       (16,004,000)
   Distributions to unconsolidated joint ventures,
      net of advances                                                  (2,394,000)          (289,000)
   Distributions to minority interest owners                               (9,000)           (18,000)
                                                                    -------------      -------------
            Net cash used in investing activities                     (63,837,000)       (72,365,000)
                                                                    -------------      -------------
</TABLE>



                                   (Continued)





                                       5
<PAGE>   6



                   AMERICAN HOMEPATIENT, INC. AND SUBSIDIARIES

             INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (unaudited)
                                   (Continued)

<TABLE>
<CAPTION>

                                                                    For the Six Months Ended June 30
                                                                    --------------------------------
                                                                        1996                1997
                                                                        ----                ----
<S>                                                                 <C>                <C>
CASH FLOWS FROM FINANCING ACTIVITIES:
   Principal payments on debt and capital leases                      (60,145,000)        (4,757,000)
   Proceeds from issuance of debt                                      55,800,000         71,000,000
   Proceeds from exercise of stock options                              2,146,000          1,617,000
   Deferred financing costs                                              (860,000)          (135,000)
   Proceeds from equity offering, net                                  66,224,000                  0
                                                                    -------------      -------------
            Net cash provided from financing activities                63,165,000         67,725,000
                                                                    -------------      -------------

INCREASE IN CASH AND CASH
   EQUIVALENTS                                                          2,625,000            436,000

CASH AND CASH EQUIVALENTS, beginning of period                          4,224,000          7,299,000
                                                                    -------------      -------------

CASH AND CASH EQUIVALENTS, end of period                            $   6,849,000      $   7,735,000
                                                                    =============      =============

SUPPLEMENTAL INFORMATION:
   Cash payments of interest                                        $   3,640,000      $   6,640,000
                                                                    =============      =============

   Cash payments of income taxes                                    $   4,292,000      $   2,703,000
                                                                    =============      =============

</TABLE>

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




                                       6
<PAGE>   7


                   AMERICAN HOMEPATIENT, INC. AND SUBSIDIARIES

          NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                             JUNE 30, 1997 AND 1996


        1.    ORGANIZATION AND BACKGROUND:

        The registrant is a health care services company engaged in the
        provision of home health care services. The Company's home health care
        services consist primarily of the provision of respiratory and infusion
        therapies and the rental and sale of home medical equipment and home
        health care supplies. For the six months ended June 30, 1997, such
        services represented 47%, 18% and 35%, respectively, of net revenues. As
        of June 30, 1997, the Company provided these services to patients
        primarily in the home through 320 centers in 34 states.

        2.    NET INCOME PER SHARE:

        Net income per share is based on the weighted average number of the
        Company's common and common equivalent shares outstanding or subscribed
        which pertain to the respective operations included in each period.
        Common stock equivalents result from stock options issued to management,
        employees, and directors as well as from warrants to acquire common
        shares issued by the Company, and are determined using the treasury
        stock method.

        Statement of Financial Accounting Standards No. 128, "Earnings per
        Share", ("SFAS 128"), has been issued effective for fiscal periods
        ending after December 15, 1997. SFAS No. 128 establishes standards for
        computing and presenting earnings per share. The Company is required to
        adopt the provisions of SFAS No. 128 in the fourth quarter of 1997.
        Under the standards established by SFAS 128, earnings per share is
        measured at two levels: basic earnings per share and diluted earnings
        per share. Basic earnings per share is computed by dividing net income
        by the weighted average number of common shares outstanding during the
        year. Diluted earnings per share is computed by dividing net income by
        the weighted average number of common shares after considering the
        additional dilution related to preferred stock, convertible debt,
        options and warrants.

        The following pro forma amounts present the basic earnings per share and
        diluted earnings per share as if the Company had adopted SFAS 128 for
        the periods presented:

<TABLE>
<CAPTION>
                                                            (Unaudited Pro Forma)
                                          ---------------------------------------------------------
                                          Three Months ended June 30,      Six Months Ended June 30,
                                          --------------------------       -------------------------
                                              1996          1997             1996             1997
                                              ----          ----             ----             ----  
          <S>                               <C>           <C>              <C>              <C>                                    
          BASIC EARNINGS PER SHARE          $   0.27      $   0.33         $   0.53         $   0.65
                                            --------      --------         --------         --------
          DILUTED EARNINGS PER SHARE        $   0.27      $   0.33         $   0.51         $   0.64
                                            --------      --------         --------         --------
</TABLE>





                                       7
<PAGE>   8


        3.    BASIS OF FINANCIAL STATEMENTS:

        The interim condensed consolidated financial statements of the Company
        for the three and six months ended June 30, 1997 and 1996 included
        herein have been prepared by the Company, without audit, pursuant to the
        rules and regulations of the Securities and Exchange Commission. Certain
        information and footnote disclosures normally included in financial
        statements prepared in accordance with generally accepted accounting
        principles have been condensed or omitted pursuant to such rules and
        regulations. In the opinion of management of the Company, the
        accompanying unaudited interim consolidated financial statements reflect
        all adjustments (consisting of only normally recurring accruals)
        necessary to present fairly the financial position at June 30, 1997 and
        the results of operations and the cash flows for the three and six
        months ended June 30, 1997 and 1996.

        The results of operations for the three and six months ended June 30,
        1997 and 1996 are not necessarily indicative of the operating results
        for the entire respective years. These interim consolidated financial
        statements should be read in conjunction with the audited financial
        statements and notes thereto included in the Company's Annual Report on
        Form 10-K for the year ended December 31, 1996.

        4.    ACQUISITIONS:

        During 1997 and effective through June 30, 1997, the Company acquired 24
        home health care companies for total consideration of approximately $87
        million, including cash, satisfaction of certain liabilities, and notes
        payable issued to sellers with combined annualized revenue of
        approximately $72 million.

        Since January 1, 1996 and effective through June 30, 1997, American
        HomePatient has acquired 64 home health care companies.

        The terms of the 1996 and 1997 acquisitions, including the consideration
        paid, were the result of arm's-length negotiations. The acquisitions
        were funded via a combination of cash from Company reserves,
        seller-financed notes, and draws on the Company's Bank Credit Facility
        (see below).

        On June 6, 1997, the Company entered into a Third Amended and Restated
        Bank Credit Facility ("Bank Credit Facility") to increase commitments
        thereunder to $325.0 million. This Facility includes a $150.0 million
        five-year term loan and a $175.0 million five-year revolving line of
        credit. The various financial and operating covenants are substantially
        similar to those under the second amended and restated Bank Credit
        Facility. Borrowings under the Bank Credit Facility may be used for
        acquisitions and other general corporate purposes, subject to the terms
        and conditions of the respective credit and security agreements. Most of
        the Company's operating assets have been pledged as security for
        borrowings under the Bank Credit Facility. The Bank Credit Facility
        contains various financial covenants, the most restrictive of which
        relate to measurements of shareholders' equity, leverage ratios, and
        interest coverage ratios.






                                       8
<PAGE>   9


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

        RISK FACTORS - IN CONNECTION WITH THE "SAFE HARBOR" PROVISIONS OF THE
        PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995, THE COMPANY HEREBY
        MAKES REFERENCE TO ITEMS SET FORTH UNDER THE HEADING "RISK FACTORS" IN
        THE COMPANY'S REGISTRATION STATEMENT ON FORM S-2, AS AMENDED
        (REGISTRATION NO. 33-89568). SUCH CAUTIONARY STATEMENTS IDENTIFY
        IMPORTANT FACTS THAT COULD CAUSE THE COMPANY'S ACTUAL RESULTS TO DIFFER
        MATERIALLY FROM THOSE PROJECTED IN FORWARD LOOKING STATEMENTS MADE BY OR
        ON BEHALF OF THE COMPANY IN THIS OR ANY OTHER SECTION OF THIS FORM 10-Q.

        GENERAL

        The Company's home health care services consist primarily of the
        provision of home respiratory therapy, the provision of home infusion
        therapy and the rental and sale of home medical equipment and supplies.
        These services and products are paid for primarily by Medicare, Medicaid
        and other third-party payors. The following table sets forth the
        percentage of the Company's net revenues represented by each line of
        business for the periods presented:

<TABLE>
<CAPTION>
                                                              Six Months Ended June 30,
                                                              -------------------------
                                                                 1996           1997
                                                                 ----           ----   
          <S>                                                     <C>           <C>      
          Home respiratory therapy services                        51%           47%
          Home infusion therapy services                           18            18
          Home medical equipment and medical supplies              31            35
                                                                  ----          ----
               Total                                              100%          100%
                                                                  ====          ====
</TABLE>


        The Company reports its net revenues as follows: (i) sales and related
        services; (ii) rentals and other; and (iii) earnings from hospital joint
        ventures. Sales and related services revenues are derived from the
        provision of infusion therapies, the sale of home health care equipment
        and supplies, the sale of aerosol and respiratory therapy equipment and
        supplies and services related to the delivery of these products. Rentals
        and other revenues are derived from the rental of home health care
        equipment, enteral pumps and equipment related to the provision of
        respiratory therapies. Because the Company's hospital joint ventures are
        not consolidated for financial statement reporting purposes, earnings
        from hospital joint ventures represent the Company's equity in earnings
        and management and administrative fees for unconsolidated hospital joint
        ventures. Cost of sales and related services includes the cost of
        equipment, drugs and related supplies sold to patients. Operating
        expenses include center labor costs, delivery expenses, occupancy costs,
        costs related to rentals other than depreciation, billing center costs,
        other operating costs and provision for doubtful accounts. General and
        administrative expenses include corporate and area management expenses
        and costs.

        Since its inception, the Company has experienced substantial growth.
        This growth is primarily attributable to the Company's pursuit of an
        acquisition strategy targeting successful, operating home health care
        businesses, through both 100% ownership and joint venture partnerships.
        Since the Company's initial public offering in November 1991, the
        Company





                                       9

<PAGE>   10

        has expanded operations from 24 home health care centers in four
        states to 320 home health care centers in 34 states as of June 30, 1997.
        Effective during 1996, the Company acquired 40 home health care
        companies and effective during the six months ended June 30, 1997 the
        Company acquired 24 home health care companies. The Company continues
        its integration of recently acquired home health care centers. The
        Company's experience and management expertise is applied wherever
        possible to improve the operating efficiency of the new centers. Quality
        methods and ideas from the acquired centers become part of the systems
        and procedures of the combined Company. Profitable services that were
        not formerly provided are being added where such opportunities exist. As
        the Company grows, economies of scale are realized in purchasing goods
        and services used in the Company's business and, to some extent, its
        management of overhead expenses.


        Medicare Reimburesement for Oxygen Therapy Services

        The Balanced Budget Act of 1997, as amended (the "Budget Act")
        was signed by President Clinton on August 5, 1997. The Budget Act
        provides for reductions in Medicare reimbursement rates for oxygen and
        certain oxygen equipment. Oxygen reimbursement rates will be reduced to
        seventy-five percent (75%) of their 1997 levels beginning January 1,
        1998 and to seventy percent (70%) of their 1997 levels beginning
        January 1, 1999. In addition, Consumer Price Index increases in oxygen
        reimbursement rates will not resume until the year 2003. Approximately
        twenty-two percent (22%) of the Company's 1996 revenues were derived
        from Medicare oxygen reimbursement.

        The Company is currently analyzing the impact of the Budget Act
        on its operating plans, liquidity, cash flows and Bank Credit
        Facility and formulating plans to minimize the Budget Act's negative
        impact. The Company's future operating results could differ materially
        from those historically achieved or previously projected in forward
        looking statements made by or on behalf of the Company.
        
   
                                       10
<PAGE>   11


        RESULTS OF OPERATIONS

        The following table and discussion set forth items from the income
        statement as a percentage of net revenues for the periods indicated:

                          PERCENTAGE OF NET REVENUES

<TABLE>
<CAPTION>
                                                                    Three Months                   Six Months
                                                                    Ended June 30                 Ended June 30
                                                                ---------------------         --------------------
                                                                 1996           1997           1996          1997
                                                                ------         ------         ------        ------
      <S>                                                       <C>            <C>            <C>           <C>
      Net Revenues                                              100.0%         100.0%         100.0%        100.0%

      Costs and expenses:
         Cost of sales and related services                      20.4           23.6           21.3          23.1
         Operating expenses                                      51.4           50.9           50.9          51.4
         General and administrative                               6.6            4.0            6.4           4.3
         Depreciation and amortization                            9.0            8.7            9.0           8.6
         Interest                                                 3.4            4.2            3.4           3.8
                                                                ------         ------         ------        ------
            Total costs and expenses                             90.8%          91.4%          91.0%         91.2%
                                                                ------         ------         ------        ------

         Income from operations before income taxes               9.2%           8.6%           9.0%          8.8%
                                                                ======         ======         ======        ======
</TABLE>

        The operations of acquired centers are included in the operations of the
        Company from the effective date of each acquisition. Because of the
        substantial acquisition activity, the comparison of the results of
        operations between 1997 and 1996 is materially impacted by the
        operations of these acquired businesses. For comparative purposes, the
        Company separates operations into "same-store" and "acquisitions." An
        acquired center becomes "same-store" beginning with its thirteenth month
        of operations as part of the Company.

        THREE MONTHS ENDED JUNE 30, 1997 COMPARED TO THREE MONTHS ENDED 
        JUNE 30, 1996

        NET REVENUES. Net revenues increased from $62.4 million for the quarter
        ended June 30, 1996 to $94.8 million for the same period in 1997, an
        increase of $32.4 million, or 52%. Same-store net revenues, including
        net revenues of same-store hospital joint ventures managed by the
        Company and accounted for under the equity method, increased 11%. Net
        revenues of same-store hospital joint ventures contributed 1% to this
        total same-store net revenue growth rate. Following is a discussion of
        the components of net revenues:

             Sales and Related Services Revenues. Sales and related services
             revenues increased from $26.3 million for the quarter ended June
             30, 1996 to $43.6 million for the same period in 1997, an increase
             of $17.3 million, or 66%. This increase is primarily attributable
             to the acquisition of home health care businesses.

             Rentals and Other Revenue. Rentals and other revenues increased
             from $34.5 million for the quarter ended June 30, 1996 to $49.4
             million for the same period in 1997, an increase of $14.9 million
             or 43%. This increase is primarily attributable to the acquisition
             of home health care businesses.




                                       11
<PAGE>   12


             Earnings from Hospital Joint Ventures. Earnings from hospital joint
             ventures increased from $1.6 million for the quarter ended June 30,
             1996 to $1.7 million for the same period in 1997, an increase of
             $100,000, or 7%. This increase is primarily attributable to net
             growth in the Company's existing hospital joint ventures.

        COST OF SALES AND RELATED SERVICES. Cost of sales and related services
        increased from $12.7 million for the quarter ended June 30, 1996 to
        $22.4 million for the same period in 1997, an increase of $9.7 million.
        As a percentage of sales and related services revenues, cost of sales
        and related services increased from 48% to 51%. This increase is
        attributable to a change in the mix of sales and related services
        revenues attributable primarily to the acquired home health care
        businesses.

        OPERATING EXPENSES. Operating expenses increased from $32.1 million for
        the quarter ended June 30, 1996 to $48.2 million for the same period in
        1997, an increase of $16.1 million, or 50%. This increase is primarily
        attributable to operating expenses associated with the acquired home
        health care businesses. As a percentage of net revenues, operating
        expenses remained constant at 51% despite the fact that certain expenses
        which were classified as general and administrative expenses for the
        quarter ended June 30, 1996 were classified as operating expenses for
        the quarter ended June 30, 1997. As a percentage of net revenues,
        combined operating and general and administrative expenses have
        decreased from 58% to 55%. This decrease is primarily attributable to
        lower operating expense levels of the acquired home health care
        businesses.                

        GENERAL AND ADMINISTRATIVE. General and administrative expenses
        decreased from $4.1 million for the quarter ended June 30, 1996 to $3.8
        million for the same period in 1997, a decrease of $300,000. This
        decrease is primarily attributable to the exclusion of certain expenses
        which were classified as general and administrative for the quarter
        ended June 30, 1996 but were classified as operating expenses for the
        quarter ended June 30, 1997. As a percentage of net revenues, combined
        operating and general and administrative expenses have decreased from
        58% to 55%. This decrease is primarily attributable to lower operating 
        expense levels of the acquired home health care businesses.            

        DEPRECIATION AND AMORTIZATION. Depreciation and amortization expenses
        increased from $5.6 million for the quarter ended June 30, 1996 to $8.3
        million for the same period in 1997, an increase of $2.7 million. This
        increase is primarily attributable to the acquired home health care
        businesses.

        INTEREST. Interest expense increased from $2.1 million for the quarter
        ended June 30, 1996 to $4.0 million for the same period in 1997, an
        increase of $1.9 million. The increase is due to additional interest
        expense associated with increased borrowings used to fund acquisitions
        of home health care businesses.


        SIX MONTHS ENDED JUNE 30, 1997 COMPARED TO SIX MONTHS ENDED 
        JUNE 30, 1997

        NET REVENUES. Net revenues increased from $117.5 million for the six
        months ended June 30, 1996 to $179.4 million for the same period in
        1997, an increase of $61.9 million, or 53%. Same-store net revenues,
        including net revenues of same-store hospital joint ventures managed by
        the Company and accounted for under the equity method, increased 10%.
        Same-store hospital joint ventures contributed 2% of this total
        same-store growth rate. Following is a discussion of the components of
        net revenues:



                                       12

<PAGE>   13

             Sales and Related Services Revenues. Sales and related services
             revenues increased from $50.8 million for the six months ended June
             30, 1996 to $82.7 million for the same period in 1997, an increase
             of $31.9 million or 63%. This increase is primarily attributable to
             the acquired home health care businesses.

             Rentals and Other Revenue. Rentals and other revenues increased
             from $63.9 million for the six months ended June 30, 1996 to $93.2
             million for the same period in 1997, an increase of $29.3 million,
             or 46%. This increase is primarily attributable to the acquired
             home health care businesses.

             Earnings from Joint Ventures. Earnings from joint ventures
             increased from $2.7 million for the six months ended June 30, 1996
             to $3.5 million for the same period in 1997, an increase of
             $800,000, or 27%. Of this increase, $600,000 is attributable to net
             growth in the existing hospital joint ventures. The remainder of
             the increase is attributable to acquired joint ventures.

        COST OF SALES AND RELATED SERVICES. Cost of sales and related services
        increased from $25.0 million for the six months ended June 30, 1996 to
        $41.4 million for the same period in 1997, an increase of $16.4 million,
        or 66%. As a percentage of sales and related services revenues, cost of
        sales and related services increased from 49% to 50%. This increase
        reflects a change in the mix of sales and related service revenues
        attributable primarily to the acquired home health care businesses.

        OPERATING EXPENSES. Operating expenses increased from $59.8 million for
        the six months ended June 30, 1996 to $92.2 million for the same period
        in 1997, an increase of $32.4 million, or 54%. This increase is
        primarily attributable to operating expenses associated with the
        acquired home health care businesses. As a percentage of net revenues,
        operating expenses remained constant at 51% despite the fact that
        certain expenses which were classified as general and administrative
        expenses for the six months ended June 30, 1996 were classified as
        operating expenses for the six months ended June 30, 1997. As a
        percentage of net revenues, combined operating and general and
        administrative expenses decreased from 57% to 56%. This decrease is 
        primarily attributable to lower operating expense levels of the 
        acquired home health care businesses.                

        GENERAL AND ADMINISTRATIVE. General and administrative expenses remained
        constant at $7.6 million for the six months ended June 30, 1996 and for
        the same period in 1997. As a percentage of net revenue, general and
        administrative expenses have decreased from 6% to 4%. This decrease is
        attributable to the exclusion of certain expenses which were classified
        as general and administrative for the six months ended June 30, 1996 but
        were classified as operating expenses for the six months ended June 30,
        1997. As a percentage of net revenues, combined operating and general
        and administrative expenses decreased from 57% to 56%. This decrease is
        primarily attributable to lower operating expense levels of the 
        acquired home health care businesses.                

        DEPRECIATION AND AMORTIZATION. Depreciation and amortization expenses
        increased from $10.5 million for the six months ended June 30, 1996 to
        $15.5 million for the same period in 1997, an increase of $5.0 million,
        or 48%. This increase is primarily attributable to the acquired home
        health care businesses.





                                       13
<PAGE>   14


        INTEREST. Interest expense increased from $4.0 million for the six
        months ended June 30, 1996 to $6.9 million for the same period in 1997,
        an increase of $2.9 million. The increase is due to additional interest
        expense associated with increased borrowings used to fund acquisitions
        of home health care businesses.

        LIQUIDITY AND CAPITAL RESOURCES

        At June 30, 1997, the Company's working capital was $113.2 million and
        the current ratio was 3.7x as compared to working capital of $84.0
        million and a current ratio of 3.4x at December 31, 1996. The Company
        had current maturities of long-term debt of approximately $9.7 million
        at June 30, 1997.

        The Company's future liquidity will continue to be dependent upon the
        relative amounts of current assets (principally cash, accounts
        receivable and inventories) and current liabilities (principally
        accounts payable, and accrued expenses). In that regard, accounts
        receivable can have a significant impact on the Company's liquidity.
        Accounts receivable are generally outstanding for longer periods of time
        in the health care industry than many other industries because of
        requirements to provide third party payors with additional information
        subsequent to billing and the time required by such payors to process
        claims. Certain accounts receivable frequently are outstanding for more
        than 90 days, particularly where the account receivable relates to
        services for a patient (i) receiving a new medical therapy or (ii)
        covered by Medicare or Medicaid. Net patient accounts receivable were
        $76.1 million and $101.2 million at December 31, 1996 and June 30, 1997,
        respectively. This increase was primarily attributable to the
        acquisition of home health care businesses and the same-store revenue 
        growth for the six months ended June 30, 1997. This represented an 
        average of approximately 93 and 94 days' sales in accounts receivable 
        at December 31, 1996 and June 30, 1997, respectively.

        Net cash provided from operating activities was $3.3 million and $5.1
        million for the six months ended June 30, 1996 and 1997, respectively.
        These amounts primarily represent net income plus depreciation and
        amortization and provisions for doubtful accounts and changes in the
        various components of working capital. Net cash used in investing
        activities was $63.8 million and $72.4 million for the six months ended
        June 30, 1996 and 1997, respectively. These amounts primarily represent
        acquisitions of home health care businesses and property and equipment
        additions. Net cash provided from financing activities was $63.2 million
        and $67.7 million for the six months ended June 30, 1996 and 1997,
        respectively. These amounts primarily represent proceeds from the
        issuance of long-term debt, the issuance of common stock due to equity
        offering and stock option exercises, and principal repayments on debt.

        The Company's principal capital requirements are for acquisitions of
        additional home health care companies and expansion of the services
        provided through its existing home health care centers. The Company has
        financed and intends to continue to finance these requirements, its net
        revenue growth, and working capital needs with net cash provided by
        operations and with borrowings under the Bank Credit Facility. On June
        6, 1997, the Company amended and restated the Bank Credit Facility to
        increase commitments thereunder to $325.0 million. The Bank Credit
        Facility includes a $150.0 million five-year term loan and a $175.0
        million five-




                                       14
<PAGE>   15


        year revolving line of credit. Borrowings under the Bank Credit Facility
        may be used to finance acquisitions and for other general corporate
        purposes, subject to the terms and conditions of the credit and security
        agreements. Most of the Company's operating assets have been pledged as
        security for borrowings under the Bank Credit Facility. Interest is
        payable on borrowings under the Bank Credit Facility, at the election of
        the Company, at either a "Base Lending Rate" or an "Adjusted Eurodollar
        Rate" (each as defined in the Bank Credit Facility), plus a margin from
        0% to 0.5% and from 0.375% to 1.25%, respectively. The Company's ability
        to borrow under the Bank Credit Facility terminates on June 6, 2002,
        subject to exceptions set forth therein. As of June 30, 1997 the
        weighted average borrowing rate was 6.75%. A commitment fee of up to
        .375% per annum (.375% as of June 30, 1997) is payable by the Company on
        the undrawn balance. The interest rate and commitment fee are based on
        the leverage ratio as defined in the Bank Credit Facility.

        The Bank Credit Facility contains various financial covenants, the most
        restrictive of which relate to measurements of stockholders' equity,
        leverage ratios and interest coverage ratios. The Bank Credit Facility
        also contains certain covenants which, among other things, impose
        certain limitations or prohibitions on the Company with respect to the
        incurrence of certain indebtedness, the creation of security interest on
        the assets of the Company, the payment of dividends on and the
        redemption or repurchase of securities of the Company, investments,
        acquisitions, investments in joint ventures, capital expenditures and
        sales of Company assets. The Company was in compliance with these
        covenants at June 30, 1997.

        Certain of the financial covenants in the Bank Credit Facility
        assumed smaller oxygen reimbursement rate reductions than are included
        in the Budget Act. The Company is currently analyzing the impact of the
        Budget Act on its Bank Credit Facility and has been communicating with
        its lenders regarding the effects and appropriate modifications
        necessary to cause the Company to be in compliance with its Bank Credit
        Facility.

        The Company's capital expenditures consist of purchases of home health
        care rental equipment and routine capital purchases at its regional and
        corporate offices. Through June 30, 1997, $16.0 million of capital
        expenditures had been incurred.

        IMPLEMENTATION OF FINANCIAL ACCOUNTING STANDARDS

        Statement of Financial Accounting Standards No. 128, "Earnings per
        Share" ("SFAS 128") has been issued effective for fiscal periods ending
        after December 15, 1997. SFAS 128 establishes standards for computing
        and presenting earnings per share. The Company is required to adopt the
        provisions of SFAS 128 in the fourth quarter of 1997 and does not expect
        adoption thereof to have a material effect on the Company's financial
        position or results of operations.

        Summary

        Management believes that the impact of the Medicare oxygen
        reimbursement rate reductions contained in the Budget Act will require
        actions to help assure that available cash, funding available under the
        Bank Credit Facility and funds generated from operations will be
        sufficient for the Company to satisfy its capital expenditures,
        acquisition activities, working capital and debt requirements for the
        next twelve months. The Company's future operating results could differ 
        materially from those historically achieved or previously projected in 
        forward looking statements made by or on behalf of the Company.





                                       15
<PAGE>   16


                           PART II. OTHER INFORMATION

        ITEM 6 - EXHIBITS AND REPORTS ON FORM 8-K

        (A)   Exhibits. The exhibits filed as part of this Report are listed on
              the Index to Exhibits immediately following the signature page.

        (B)   Reports on Form 8-K.  None.





                                       16
<PAGE>   17


                                   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.



                                  AMERICAN HOMEPATIENT, INC.

        August 14, 1997           By: /s/ Mary Ellen Rodgers
                                  ----------------------------------------------
                                  Mary Ellen Rodgers
                                  Chief Financial Officer and An Officer Duly
                                  Authorized to Sign on Behalf of the registrant






                                       17














<PAGE>   18





                               INDEX TO EXHIBITS

<TABLE>
<CAPTION>
EXHIBIT   
NUMBER      DESCRIPTION OF EXHIBITS
-------     -----------------------
<S>         <C>
10.1        Third Amended and Restated Credit Agreement by and among American
            HomePatient, Inc., The Banks Name Herein and Bankers Trust Company,
            as the Agent dated as of June 6, 1997
27          Financial Data Schedule (for SEC use only)
</TABLE>





                                       18