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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                 AMENDMENT NO. 1
                                       TO
                                   FORM 10-K/A

                [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934
                   FOR THE FISCAL YEAR ENDED DECEMBER 31, 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 NO. 0-22166

                              AETRIUM INCORPORATED
             (Exact name of registrant as specified in its charter)

               MINNESOTA                                 41-1439182
    (State or other jurisdiction of                   (I.R.S. Employer
    incorporation or organization)                   Identification No.)

                                2350 HELEN STREET
                         NORTH ST. PAUL, MINNESOTA 55109
               (Address of principal executive offices) (Zip code)

       Registrant's telephone number, including area code: (651) 770-2000
        Securities registered pursuant to Section 12(b) of the Act: NONE
           Securities registered pursuant to Section 12(g) of the Act:
                         COMMON STOCK, $.001 PAR VALUE

         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 ___

         Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein, and will not be contained,
to the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K [X].

         As of March 22, 2001, 9,474,566 shares of Common Stock of the
Registrant were outstanding, and the aggregate market value of the Common Stock
of the Registrant as of that date (based upon the last reported sale price of
the Common Stock on that date as reported by the Nasdaq National Market),
excluding outstanding shares beneficially owned by directors and executive
officers, was approximately $19,375,000.

                       DOCUMENTS INCORPORATED BY REFERENCE

       Part III of this Annual Report on Form 10-K incorporates by reference
information (to the extent specific sections are referred to herein) from the
Registrant's definitive Proxy Statement for its 2001 Annual Meeting to be held
May 22, 2001 (the "2001 Proxy Statement").


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                                EXPLANATORY NOTE

       This amendment on Form 10-K/A of Aetrium Incorporated amends Item 14 of
Part IV of its Annual Report on Form 10-K for the fiscal year ended December 31,
2000, as filed with the Securities and Exchange Commission on April 2, 2001, but
is not intended to update any other information presented in the report on Form
10-K as originally filed. This amendment speaks as of the end of Aetrium's
fiscal year 2000 or as of the date of filing the original Form 10-K as required.
The amendment includes the Report of Independent Accountants on Financial
Statement Schedules, which was inadvertently omitted from the original filing of
the Form 10-K.

                                     PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K

         (a) 1.   FINANCIAL STATEMENTS OF REGISTRANT.

         The following Consolidated Financial Statements of the company and the
Independent Auditor's Report thereon are included herein (page numbers refer to
pages in this Annual Report on Form 10-K):

<Table>
<Caption>
                                                                                                   Page(s)
                                                                                                 -----------
<S>                                                                                              <C>
Report of Independent Auditors................................................................    F-1
Financial Statements:
     o   Consolidated Statements of Operations................................................    F-2
     o   Consolidated Balance Sheets..........................................................    F-3
     o   Consolidated Statements of Changes in Shareholders' Equity...........................    F-4
     o   Consolidated Statements of Cash Flows................................................    F-5
     o   Notes to Consolidated Financial Statements...........................................    F-6 to F-20
</Table>

         (a) 2.   FINANCIAL STATEMENT SCHEDULES OF REGISTRANT.

         The following financial statement schedule is included herein and
should be read in conjunction with the financial statements referred to above:

         Financial Statement Schedule:  II.  Valuation and Qualifying Accounts

                         REPORT OF INDEPENDENT ACCOUNTS
                        ON FINANCIAL STATEMENT SCHEDULES

To the Board of Directors
of Aetrium Incorporated

Our audits of the consolidated financial statements referred to in our report
dated February 2, 2001, appearing on page F-1 of this Annual Report on Form
10-K, also included an audit of the Financial Statement Schedule listed in Item
14(a) of this Form 10-K. In our opinion, such Financial Statement Schedule
presents fairly, in all material respects, the information set forth therein
when read in conjunction with the related consolidated financial statements.

/s/ PricewaterhouseCoopers LLP
Minneapolis, Minnesota
February 2, 2001


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                                   SCHEDULE II
                        VALUATION AND QUALIFYING ACCOUNTS
                  YEARS ENDED DECEMBER 31, 1998, 1999, AND 2000

<Table>
<Caption>
                                                                ADDITIONS
                                                     --------------------------------
                                       BALANCE AT      CHARGED TO                                        BALANCE AT
                                      BEGINNING OF      COSTS AND      ACQUISITION                         END OF
   DESCRIPTION                           PERIOD         EXPENSES       RELATED (1)      DEDUCTIONS         PERIOD
------------------ ----------------- --------------- ---------------- --------------- ---------------- ---------------
<S>                      <C>         <C>             <C>                <C>           <C>              <C>
ALLOWANCE FOR DOUBTFUL ACCOUNTS:
                         1998        $     259,600   $    545,000       $   50,000    $    (317,600)   $    537,000
                         1999              537,000         57,000                0          (75,000)        519,000
                         2000              519,000              0                0           (5,000)        514,000
INVENTORY OBSOLESCENCE RESERVE:
                         1998        $   1,985,100   $  3,290,200       $        0      $(1,646,500)     $3,628,800
                         1999            3,628,800      3,460,800                0       (3,600,200)      3,489,400
                         2000            3,489,400      1,749,300                0       (2,980,800)      2,257,900
WARRANTY RESERVE:
                         1998        $     562,200   $    661,000       $  120,000    $    (448,400)   $    894,800
                         1999              894,800        826,300                0         (899,700)        821,400
                         2000              821,400        802,300                0       (1,190,300)        433,400
------------------ ----------------- --------------- ---------------- --------------- ---------------- ---------------
</Table>

(1) Reserve increases related to the inclusion of newly acquired businesses.

         All other schedules are omitted as the required information is
inapplicable or the information is presented in the financial statements or
related notes.

         (a) 3.   EXHIBITS.

         The exhibits to this Report are listed in the Exhibit Index attached
hereto.

         A copy of any of the exhibits listed or referred to above will be
furnished at a reasonable cost to any person who was a shareholder of the
company as of March 29, 2001, upon receipt from any such person of a written
request for any such exhibit. Such request should be sent to Aetrium
Incorporated, 2350 Helen Street, North St. Paul, Minnesota 55109; Attn.:
Shareholder Relations.

         The following is a list of each management contract or compensatory
plan or arrangement required to be filed as an exhibit to this Annual Report on
Form 10-K pursuant to Item 14(a)(3):

         1.       Form of Incentive Stock Option Agreement (incorporated by
                  reference to Exhibit 10.6 to the company's Form 10-KSB for the
                  year ended December 31, 1993) (File No. 0-22166).

         2.       Form of Non-Statutory Stock Option Agreement (incorporated by
                  reference to Exhibit 10.7 to the company's Form 10-KSB for the
                  year ended December 31, 1993) (File No. 0-22166).

         3.       1993 Stock Incentive Plan, as amended (incorporated by
                  reference to Exhibit 10.2 to the company's Annual Report on
                  Form 10-K for year ended December 31, 1997) (File No.
                  0-22166).

         4.       Salary Savings Plan (incorporated by reference to Exhibit 10.3
                  to the company's Registration Statement on Form SB-2) (File
                  No. 33-64962C).


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         5.       Employee Stock Purchase Plan (incorporated by reference to
                  Exhibit 99.1 to the company's Registration Statement on Form
                  S-8) (File No. 33-74616).

         6.       Employment Agreement dated April 1, 1986 between Joseph C.
                  Levesque and the company (incorporated by reference to Exhibit
                  10.6 to the company's Registration Statement on Form SB-2)
                  (File No. 33-64962C).

         7.       Letter Agreement dated April 1, 1998 between the company and
                  Keith E. Williams. (incorporated by reference to Exhibit 10.18
                  to the company Form 10-K for the year ended December 31, 1998
                  (file No. 0-22166)).

         (b)      REPORTS ON FORM 8-K.

         The company did not file any Current Reports on Form 8-K during the
fourth quarter of 2000.


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                                   SIGNATURES

         Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this Form 10-K/A to be
signed on its behalf by the undersigned, thereunto duly authorized.

                                     AETRIUM INCORPORATED


Date:  January 25, 2002              By:     /s/ JOSEPH C. LEVESQUE
                                         -------------------------------------
                                         Joseph C. Levesque
                                         Chief Executive Officer and President


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