================================================================================
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

(Mark One)

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

                  For the quarterly period ended April 30, 2000
                                                 --------------

[_] 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: 0-5958
                                                 ------

                       MERIDIAN MEDICAL TECHNOLOGIES, INC.
             ------------------------------------------------------
             (Exact name of registrant as specified in its charter)

           Delaware                                               52-0898764
-------------------------------                              -------------------
(State or other jurisdiction of                                 (IRS Employer
 incorporation or organization)                              Identification No.)


10240 Old Columbia Road, Columbia, Maryland                            21046
-------------------------------------------                          ----------
(Address of principal executive offices)                             (Zip Code)

Registrant's telephone number, including area code: 410-309-6830
                                                    ------------

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 the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.

         Class                                   Outstanding as of June 1, 2000
----------------------------                     ------------------------------
Common Stock, $.10 par value                             2,994,930 Shares
================================================================================
<PAGE>

                      MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                   FORM 10-Q

                                                                        Page No.
                                                                        --------

PART I.  FINANCIAL INFORMATION

ITEM 1.  Consolidated Financial Statements

             Consolidated Balance Sheets as of
                April 30, 2000 and July 31, 1999.............................. 4

             Consolidated Statements of Operations for
                the Three and Nine Months Ended April 30, 2000 and 1999 ...... 5

             Consolidated Statements of Cash Flows for
                the Nine Months Ended April 30, 2000 and 1999 ................ 6

             Notes to Consolidated Financial Statements....................... 7


ITEM 2.      Management's Discussion and Analysis of Financial
                 Condition and Results of Operations.......................... 8

ITEM 3      Quantitative and Qualitative Disclosures About Market Risk....... 12

PART II. OTHER INFORMATION

ITEM 6.  Exhibits and Reports on Form 8-K.................................... 12

SIGNATURES................................................................... 13

EXHIBIT INDEX................................................................ 14

                                       2
<PAGE>

                      MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                   FORM 10-Q

                                  INTRODUCTION

Meridian Medical Technologies, Inc. ("MMT", "Meridian", or the "Company") is a
medical device and drug delivery system company focusing on Early Intervention
Healthcare and Emergency Medical Technologies. The Company operates within two
industry segments: Drug Delivery Systems and Cardiopulmonary Systems. The Drug
Delivery segment consists of Pharmaceutical Systems and Government Systems. The
Pharmaceutical Systems business focuses on injectable drug delivery devices,
primarily auto-injectors, the largest selling of which is the EpiPen. This
business also supplies customized drug delivery system design, pharmaceutical
research and development, and sterile product manufacturing to pharmaceutical
and biotechnology companies. The Government Systems business focuses on the
world-wide market for auto-injectors used for self-administration of nerve agent
antidotes, morphine and diazepam, and markets to the U.S. and allied
governments, as well as to local governments for emergency preparedness
applications. The Cardiopulmonary Systems business focuses on non-invasive
cardiac diagnostics and telemedicine. The Cardiopulmonary Systems business has
begun the international distribution of the PRIME ECG system. The PRIME ECG
system is designed for earlier detection of heart attack and has the potential
to provide assessment of treatment effectiveness (reperfusion) that is otherwise
unavailable through non-invasive means. Marketing partners in Europe and
Australia have been signed and additional partners are being targeted to create
a comprehensive distribution channel for the product. A U.S. based FDA approved
clinical study of the PRIME ECG system is expected to be completed by the fourth
quarter of calendar 2000. Subject to a successful completion of the clinical, a
510(k) application will be made to the FDA for approval to market the product in
the U.S.

                           FORWARD LOOKING STATEMENTS

This report contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act with respect to financial performance
and other financial and business matters. Forward-looking statements are
typically identified by future or conditional verbs or similar expressions
regarding events that have yet to occur. These forward-looking statements are
based on the Company's current expectations and are subject to numerous
assumptions, risks and uncertainties. The following factors, among others, could
cause actual results to differ materially from forward-looking statements:
economic and competitive conditions; capital availability or costs; fluctuations
in demand for the Company's products; government procurement timing and
policies; technological challenges associated with the development and
manufacture of the Company's products; commercial acceptance of the Company's
products; delays, costs and uncertainties associated with clinical testing and
government approvals required to market new drugs and medical devices;
availability and quality of raw materials; success and timing of cost reduction
and quality enhancement programs; regulatory compliance; adequacy of product
liability insurance; ability to obtain, timing and success of marketing
representatives and strategic alliances; and adequacy of intellectual property
protection. Additional information is included in our Annual Report on Form
10-K. Meridian assumes no duty to update forward-looking statements.

                                       3
<PAGE>

                      MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                   FORM 10-Q

PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements

                       MERIDIAN MEDICAL TECHNOLOGIES, INC.
                           CONSOLIDATED BALANCE SHEETS
                        (In thousands, except share data)
<TABLE>
<CAPTION>
                                                                       April 30,          July 31,
                             Assets                                      2000               1999
                             ------                                      ----               ----
                                                                     (unaudited)
<S>                                                                    <C>                <C>
Current assets:
  Cash                                                                 $    162           $    227
  Restricted cash                                                           283                278
  Receivables, less allowances of $570 and $467, respectively             7,054              9,557
  Inventories                                                            10,204              6,889
  Deferred income taxes                                                   1,965              1,965
  Prepaid income taxes                                                       78                546
  Other current assets                                                      628                771
                                                                       --------           --------
       Total current assets                                              20,374             20,233
                                                                       --------           --------

  Property, plant and equipment                                          22,673             21,407
       Less - Accumulated depreciation                                   (6,989)            (5,581)
                                                                       --------           --------
       Net property, plant and equipment                                 15,684             15,826
                                                                       --------           --------

  Deferred financing fees                                                   673                749
  Capitalized software costs, net                                         1,510              1,588
  Excess of cost over net assets acquired, net                            6,606              7,403
  Other intangible assets, net                                            1,704              1,952
                                                                       --------           --------

       Total assets                                                    $ 46,551           $ 47,751
                                                                       ========           ========

              Liabilities and Shareholders' Equity
Current liabilities:
   Accounts payable and other accrued liabilities                      $  8,473           $  7,080
   Note payable to bank                                                   3,369              7,317
   Customer deposits                                                      1,072                 54
   Current portion of long-term debt                                      1,054              1,409
                                                                       --------           --------
       Total current liabilities                                         13,968             15,860
                                                                       --------           --------

   Long-term debt - notes payable, net of discount                       17,013             17,582
   Long-term debt - other                                                   ---                 57
   Deferred income taxes                                                  1,793              1,793
   Other non-current liabilities                                            793                721

Shareholders' equity:
   Common stock
     Par value $.10 per share; 18,000,000 shares authorized;
      2,994,930 and 2,994,930 shares issued and outstanding                 299                299
   Additional capital                                                    32,187             32,187
   Cumulative translation adjustment                                        (47)               (14)
   Accumulated deficit                                                  (19,199)           (20,451)
   Unearned stock option compensation                                       (43)               (70)
   Treasury stock, at cost                                                 (213)              (213)
                                                                       --------           --------
        Total shareholders' equity                                       12,984             11,738
                                                                       --------           --------

   Total liabilities and shareholders' equity                          $ 46,551           $ 47,751
                                                                       ========           ========
</TABLE>

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

                                       4
<PAGE>

                     MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                   FORM 10-Q

                       MERIDIAN MEDICAL TECHNOLOGIES, INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                      (In thousands, except per share data)
                                   (unaudited)
<TABLE>
<CAPTION>
                                                           Three Months Ended                     Nine Months Ended
                                                                April 30,                             April 30,
                                                         2000               1999               2000               1999
                                                         ----               ----               ----               ----
<S>                                                    <C>                <C>                <C>                <C>
Net sales                                              $ 14,068           $  9,620           $ 37,889           $ 30,294
Cost of sales                                             8,607              7,937             22,970             22,032
                                                       --------           --------           --------           --------
Gross profit                                              5,461              1,683             14,919              8,262

Selling, general, and administrative expenses             1,930              1,214              5,782              4,593
Research and development expenses                           816                278              2,049                875
Depreciation and amortization                               802                817              2,532              2,637
                                                       --------           --------           --------           --------
                                                          3,548              2,309             10,363              8,105
                                                       --------           --------           --------           --------

Operating income (loss)                                   1,913               (626)             4,556                157

Other (expense) income:
   Interest expense                                        (795)              (812)            (2,469)            (2,479)
   Other income (expense)                                  (111)               107               (160)               483
                                                       --------           --------           --------           --------
                                                           (906)              (705)            (2,629)            (1,996)
                                                       --------           --------           --------           --------

Income (loss) before income taxes                         1,007             (1,331)             1,927             (1,839)

Provision for income taxes                                  316                ---                675                ---
                                                       --------           --------           --------           --------

Net income (loss)                                      $    691           $ (1,331)          $  1,252           $ (1,839)
                                                       ========           ========           ========           ========

Net income (loss) per share:
    Basic                                              $    .23           $   (.44)          $    .42           $   (.61)
                                                       ========           ========           ========           ========
    Diluted                                            $    .21           $   (.44)          $    .39           $   (.61)
                                                       ========           ========           ========           ========

Weighted average shares:
    Basic                                                 2,995              2,995              2,995              2,993
    Diluted                                               3,306              2,995              3,238              2,993
</TABLE>

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

                                       5
<PAGE>

                     MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                   FORM 10-Q

                       MERIDIAN MEDICAL TECHNOLOGIES, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (In thousands)
                                   (unaudited)
<TABLE>
<CAPTION>
                                                                      Nine Months Ended
                                                                          April 30,
                                                                    2000              1999
                                                                    ----              ----
<S>                                                               <C>               <C>
OPERATING ACTIVITIES:
   Net income (loss)                                              $ 1,252           $(1,839)
   Adjustments to reconcile net income (loss) to net
     cash provided by (used for) operating activities:
     Depreciation and amortization                                  2,532             2,637
     Amortization of capitalized software costs                        78               ---
     Amortization of notes payable discount and deferred
       financing fees                                                 277               164
   Changes in assets and liabilities
       Receivables                                                  2,503            (2,357)
       Inventories                                                 (3,315)            1,614
       Prepaid taxes and other current assets                         611              (122)
       Accounts payable and other accrued liabilities               1,393            (2,190)
       Customer deposits                                            1,018               333
   Other                                                              (13)              391
                                                                  -------           -------
Net cash provided by (used for) operating activities                6,336            (1,369)

INVESTING ACTIVITIES
    Purchase of fixed assets                                       (1,266)           (1,034)
    Capitalized software costs                                        ---              (958)
    Increase in restricted cash                                        (5)               (6)
                                                                  -------           -------
Net cash used for investing activities                             (1,271)           (1,998)

FINANCING ACTIVITIES
    Net (payments) proceeds from line of credit                    (3,948)            3,527
    Payment on long-term debt                                      (1,162)             (330)
    Payment of deferred financing fees                                (20)              (30)
    Proceeds from issuance of common stock                            ---                29
                                                                  -------           -------
Net cash (used for) provided by financing activities               (5,130)            3,196
                                                                  -------           -------
Net decrease in cash                                                  (65)             (171)
Cash at beginning of period                                           227               284
                                                                  -------           -------
Cash at end of period                                             $   162           $   113
                                                                  =======           =======
</TABLE>

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

                                       6
<PAGE>

                     MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                   FORM 10-Q

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.       In the opinion of management, the accompanying unaudited consolidated
         financial statements contain all adjustments (consisting of normal
         recurring accruals) necessary to present fairly the Company's financial
         position as of April 30, 2000 and July 31, 1999, the results of its
         operations for the three-month and nine-month periods ended April 30,
         2000 and 1999, and its cash flows for the nine-month periods ended
         April 30, 2000 and 1999. The results of operations for the three-month
         and nine-month periods ended April 30, 2000 are not necessarily
         indicative of the results that may be expected for the fiscal year
         ending July 31, 2000. Certain prior period amounts have been
         reclassified to conform to current period presentation. The information
         included in this Form 10-Q should be read in conjunction with
         Management's Discussion and Analysis and financial statements and notes
         thereto included in the Meridian Medical Technologies, Inc. 1999 Form
         10-K.

2.       Restricted cash consists of cash pledged as collateral on an
         outstanding letter of credit supporting the working capital line of
         credit at the Company's Belfast facility.

3.       Inventories consisted of the following:

                                                     April 30,         July 31,
                                                       2000              1999
                                                       ----              ----
         Components and subassemblies                $  5,890          $  3,667
         Work in process                                4,103             3,325
         Finished goods                                   805               335
                                                     --------          --------
                                                       10,798             7,327
         Less: inventory valuation allowance             (594)             (438)
                                                     --------          --------
                                                     $ 10,204          $  6,889
                                                     ========          ========

4.       A reconciliation of net income to comprehensive income is as follows:
<TABLE>
<CAPTION>
                                                    Three Months Ended                   Nine Months Ended
                                                         April 30,                           April 30,
                                                   2000              1999              2000              1999
                                                   ----              ----              ----              ----
<S>                                              <C>               <C>               <C>               <C>
Net income (loss)                                $   691           $(1,331)          $ 1,252           $(1,839)
Foreign exchange translation adjustment              (77)               (2)              (33)              225
                                                 -------           -------           -------           -------
Comprehensive income (loss)                      $   614           $(1,333)          $ 1,219           $(1,614)
                                                 =======           =======           =======           =======
</TABLE>

5.       In accordance with Statement of Financial Accounting Standards No. 86,
         the Company began amortizing capitalized software costs relating to its
         PRIME ECG product during this quarter, as it was available for sale.
         Amortization, which is being provided on a 5 year, straight-line basis,
         totaled $78,000 for the three months ended April 30, 2000, and is
         included in cost of sales.

                                       7
<PAGE>

                     MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                   FORM 10-Q

6.       Segment information is as follows:
<TABLE>
<CAPTION>
                                      Three Months Ended                     Nine Months Ended
                                           April 30,                             April 30,
                                    2000               1999               2000               1999
                                    ----               ----               ----               ----
<S>                               <C>                <C>                <C>                <C>
Revenues:
         Drug Delivery            $ 13,631           $  8,985           $ 37,056           $ 29,047
         Cardiopulmonary               437                635                833              1,247
                                  --------           --------           --------           --------
Total                             $ 14,068           $  9,620           $ 37,889           $ 30,294
                                  ========           ========           ========           ========

Operating Income:
         Drug Delivery            $  2,704           $   (522)          $  6,750           $    673
         Cardiopulmonary              (791)              (104)            (2,194)              (516)
                                  --------           --------           --------           --------
Total                             $  1,913           $   (626)          $  4,556           $    157
                                  ========           ========           ========           ========
</TABLE>

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

Business Overview

Meridian is a leading medical products and pharmaceutical systems company,
focusing on the development and sales of auto-injector drug delivery systems,
pharmaceutical manufacturing, contract filling, and non-invasive cardiopulmonary
diagnostics. The Company has two segments: Drug Delivery and Cardiopulmonary.

The Drug Delivery segment consists of Pharmaceutical Systems and Government
Systems. Pharmaceutical Systems operations include sales of Meridian's highly
recognized EpiPen product, used in the emergency treatment of allergic reactions
to insect stings or bites, foods, drugs and other allergens, as well as
idiopathic or exercise induced anaphylaxis. Customer demand for the EpiPen
continues to be strong and sales are expected to reach a record level in fiscal
2000. In April 2000, the Company announced the appointment of Robert J. Kilgore
to the position of senior vice president and general manager, Pharmaceutical
Systems. In this new position, Mr. Kilgore will have responsibility for the
Company's current commercial drug delivery business and will be spearheading
work to identify and develop new business opportunities.

Within Government Systems, the Company has a long-standing relationship with the
U.S. Department of Defense, and also markets its products to foreign governments
and state and local governments for domestic preparedness. A New Drug
Application (NDA) for Meridian's new multi-chambered (MA) auto-injector has been
submitted to the FDA on behalf of the U.S. Army with approval anticipated by the
end of this fiscal year. The MA features a dual chamber that allows the
automatic injection of two drugs in succession through the same needle. The FDA
recently concluded a successful Pre-Approval audit for the MA in the Company's
St. Louis facility, and production is anticipated to begin in fiscal 2001
subject to receipt of FDA approval. A contract has recently been signed with a
major European nation to develop a version of the MA that will contain its
chemical defense antidotes.

Cardiopulmonary Systems consists of the telemedicine line of business, as well
as the Company's PRIME ECG advanced electrocardiac mapping system. The system,
which includes propriety software, offers the potential to significantly improve
the non-invasive diagnosis and treatment of heart disease. U.S. clinical trials
are scheduled to be completed by the end of calendar 2000. Subject to a
successful completion of the clinical trials, a 510(k) application will be made
to the FDA for approval to market the product in the U.S. The Company has signed
agreements for PRIME ECG distribution in Australia and Italy and is actively
negotiating agreements with several companies to market the product throughout
Europe. The first sale of a PRIME unit was made this quarter.

                                       8
<PAGE>

                     MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                   FORM 10-Q

The Company has significant orders for telemedicine products expected to be
filled in the fourth quarter which would equal revenue generated for these
products for the first nine months of the year. The telemedicine line of
products includes devices designed to monitor a broad range of physiologic
parameters, primarily focused on blood pressure and ECG. Other products monitor
weight, oxygen content and pulmonary function.

The Quarter and Nine Months in Review

MMT's net income was $691,000 ($.23 basic and $.21 diluted earnings per share)
on sales of $14.1 million for the quarter ended April 30, 2000, the third
quarter of fiscal 2000. This compares with a net loss of $1,331,000 ($0.44 basic
and diluted loss per share) on sales of $9.6 million in the same period of
fiscal 1999. On a year-to-date basis, MMT had net income of $1,252,000 ($.42
basic and $.39 diluted earnings per share) on sales of $37.9 million, compared
with a net loss of $1,839,000 ($0.61 basic and diluted loss per share) on sales
of $30.3 million in the same period of fiscal 1999.

Revenues of MMT's two business units and total gross profit for the three-month
and nine-month periods ended April 30, 2000 and 1999 are as follows:
<TABLE>
<CAPTION>
                                    Three months ended April 30,        Nine months ended April 30,
         ($ in thousands)              2000              1999              2000              1999
                                       ----              ----              ----              ----
<S>                                  <C>               <C>               <C>               <C>
Drug Delivery
    Pharmaceutical Systems           $ 5,997           $ 2,249           $16,920           $ 9,730
    Government Systems                 7,634             6,736            20,136            19,317
                                     -------           -------           -------           -------
     Drug Delivery Revenues           13,631             8,985            37,056            29,047
Cardiopulmonary Systems                  437               635               833             1,247
                                     -------           -------           -------           -------

Total Revenues                        14,068             9,620            37,889            30,294
                                     =======           =======           =======           =======

Gross Profit                         $ 5,461           $ 1,683           $14,919           $ 8,262
                                     =======           =======           =======           =======

Gross Profit %                          38.8%             17.5%             39.4%             27.3%
</TABLE>

Drug Delivery - Pharmaceutical Systems revenue in the third quarter ended April
30, 2000 was $6.0 million, $3.7 million higher than in the comparable prior year
period. The 166.7% increase in revenue resulted from higher sales of EpiPens in
the current quarter compared to the same quarter in the prior year, when free
EpiPens were being supplied to fulfill obligations relating to the May 8, 1998
product recall. The Company supplied $1.9 million and $7.3 million of free
EpiPens during the three and nine months ended April 30, 1999, respectively.
Year-to-date revenues were $17.0 million for the nine months ended April 30,
2000, compared to $9.7 million for the same period in the prior year.

Drug Delivery - Government Systems revenues were $7.6 million in the third
quarter ended April 30, 2000, compared to $6.7 million in the third quarter of
fiscal 1999. The 13.3% increase in revenues resulted primarily from higher sales
to foreign governments. Year-to-date Government Systems revenues were $20.1
million for the nine months ended April 30, 2000, compared to $19.3 million for
the same period of the prior year.

Cardiopulmonary Systems revenues were $437,000 in the third quarter ended April
30, 2000 compared to $635,000 in the prior period. On a year-to-date basis,
revenues of $833,000 for the first nine months of fiscal 2000 compare to $1.2
million for fiscal 1999.

                                       9
<PAGE>

                     MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                   FORM 10-Q

Gross profits were $5.5 million or 38.8% of revenues during the third quarter of
2000, compared to $1.7 million or 17.5% for the same period of the prior year.
On a year-to-date basis, gross profit of $14.9 million or 39.4% of revenues in
2000 compares to $8.3 million or 27.3% in 1999. Gross profits were depressed in
1999 due to the volume of free EpiPen units supplied to satisfy the recall, as
well as the temporary closure of the Company's sterile facility for the
renovation and upgrade to the clean room manufacturing facility.

Operating costs were $3.5 million for the three months ended April 30, 2000,
compared to $2.3 million incurred in the same quarter of last year. For the
first nine months of the fiscal year, operating costs were $10.4 million
compared to $8.1 million last year. Selling, general and administrative expenses
(SG&A) were $716,000 and $1,189,000 higher for the third quarter and
year-to-date, respectively, compared to prior year, due to higher expenses
relating to the marketing and product support infrastructure for PRIME ECG. SG&A
was 13.7% and 15.3% of revenues for the three and nine months ended April 30,
2000, respectively, compared with 12.6% and 15.2% for the same periods of 1999.
R&D costs were also higher for the third quarter and year-to-date compared to
prior year due to certain costs relating to the PRIME ECG project relating to
mechanical and other non-software related development. The prior year
disbursements were focused on software development, which qualified for
capitalization. Investment in R&D continues to be an objective of the Company.

Interest expense was $795,000 in the third quarter of fiscal 2000, and $2.5
million year-to-date. This is consistent with the comparable periods of the
prior year, reflecting higher market interest rates, offset by lower average
debt balances.

The provision for income taxes was $675,000 for the nine months ended April
30,2000, reflecting an estimated effective tax rate of 35% for the year. The tax
provision incorporates estimated benefits from utilization of operating loss
carryforwards, partially offset by permanent book to tax differences.

Liquidity and Capital Resources

Total cash as of April 30, 2000 was $162,000, a decrease of $65,000 from July
31, 1999. The Company generated $6.3 million in cash from operations in the
first nine months of fiscal 2000 attributable mostly to net income, non-cash
depreciation, higher accounts payable, lower accounts receivable, offset by
higher inventories. Inventories increased $3.3 million during the first nine
months of fiscal 2000 as the Company prepares to meet strong order demand in the
fourth quarter of fiscal 2000 and the first quarter of fiscal 2001. Investing
activities in the nine months of fiscal 2000 used $1.3 million of cash, mostly
for capital additions. Financing activities used $5.1 million, primarily for net
payments on existing debt. Availability under the working lines of credit was
$5.3 million at April 30, 2000.

Working capital at April 30, 2000 was $6.4 million, up from $4.4 million at July
31, 1999. The increase was primarily attributable to higher inventories ($3.3
million) and lower note payable to bank ($3.9 million), offset by lower accounts
receivable ($2.4 million). At April 30, 2000, accounts receivable were $7.1
million, representing 62 days-sales-outstanding, and inventories were $10.2
million representing a turn-over rate of 3.6 times per year.

Year 2000

The Company successfully completed its program to address the Year 2000 (Y2K)
issue as outlined in its Form 10-K for the year ended July 31, 1999. As of the
date of this filing, the Company has experienced no significant adverse effects
on its business or operations as a result of the Year 2000. The Company
continues to monitor potential Y2K impacts on its technology systems.

                                       10
<PAGE>

                     MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                   FORM 10-Q

Segment Discussion
<TABLE>
<CAPTION>
                                       Three Months Ended                    Nine Months Ended
                                           April 30,                             April 30,
                                    2000               1999               2000               1999
                                    ----               ----               ----               ----
<S>                               <C>                <C>                <C>                <C>
Revenues:
         Drug Delivery            $ 13,631           $  8,985           $ 37,056           $ 29,047
         Cardiopulmonary               437                635                833              1,247
                                  --------           --------           --------           --------
Total                             $ 14,068           $  9,620           $ 37,889           $ 30,294
                                  ========           ========           ========           ========

Operating Income:
         Drug Delivery            $  2,704           $   (522)          $  6,750           $    673
         Cardiopulmonary              (791)              (104)            (2,194)              (516)
                                  --------           --------           --------           --------
Total                             $  1,913           $   (626)          $  4,556           $    157
                                  ========           ========           ========           ========
</TABLE>

The Company's organizational structure reflects two major segments: Drug
Delivery and Cardiopulmonary. The Drug Delivery segment is, at present, the core
operations of the Company, contributing the majority of revenue and all of the
operating income on a consolidated basis. This segment includes commercial and
government auto-injector sales. Additionally, the segment has complete sterile
parenteral pharmaceutical manufacturing capabilities and provides R&D services
to the pharmaceutical industry.

The Cardiopulmonary segment includes PRIME ECG and telemedicine products. The
fiscal year 2000 operating expenses of the segment reflect the final development
costs of PRIME ECG, the setup of a distribution organization network in Europe
for the product, and continuing R&D on applications of the product within the
cardiopulmonary diagnostics area. Also included in the segment's operating
expenses are the costs associated with the U.S. based FDA clinical trials, trade
shows, and development of the medical cost reimbursement strategy.

                                       11
<PAGE>

                     MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                   FORM 10-Q

ITEM 3.  Quantitative and Qualitative Disclosure About Market Risk

The Company's earnings are affected by fluctuations in the value of the U.S.
dollar, as compared to foreign currencies, as a result of transactions in
foreign markets. At April 30, 2000, the result of a uniform 10% strengthening or
weakening in the value of the dollar relative to the currencies in which the
Company's transactions are denominated would have resulted in a $90,000 increase
or decrease, respectively, in operating income for the nine months ended April
30, 2000. This calculation assumes that each exchange rate would change in the
same direction relative to the U.S. dollar. In addition to the direct effects of
changes in exchange rates, which are a changed dollar value of the resulting
sales, changes in exchange rates also affect the volume of sales or the foreign
currency sales price as competitors' services become more or less attractive.
The Company's sensitivity analysis of the effects of changes in foreign currency
exchange rates does not factor in a potential change in sales levels or local
currency prices.

The Company is exposed to changes in interest rates as a result of its
outstanding debt. Total short-term and long-term debt outstanding at April 30,
2000 was $21.4 million, consisting of $7.0 million in variable rate borrowing
and $14.4 million in fixed rate borrowing. At this level of variable rate
borrowing, a hypothetical 10% increase in interest rates would have decreased
pre-tax earnings by approximately $53,000 for the nine months ended April 30,
2000. At April 30, 2000, the fair value of the Company's fixed rate debt
outstanding was estimated at $15.0 million. A hypothetical 10% change in
interest rates would not result in a material change in the fair value of the
Company's fixed rate debt. The Company does not currently utilize any derivative
financial instruments related to its interest rate exposure.

PART II - OTHER INFORMATION

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

(a)      Exhibits

         Exhibit 27        Financial Data Schedule


(b)      Reports on Form 8-K

         No reports on Form 8-K were filed during the three months ended April
         30, 2000.

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<PAGE>

                     MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                   FORM 10-Q


                                   SIGNATURES


Pursuant to the requirement 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.


                                             MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                             -----------------------------------
                                                 Registrant


         June 1, 2000                        By: /S/ James H. Miller
         ------------                            -------------------------------
         Date                                    James H. Miller
                                                 President and
                                                 Chief Executive Officer
                                                 (Principal Executive Officer)


         June 1, 2000                        By: /S/ Dennis P. O'Brien
         ------------                            -------------------------------
         Date                                    Dennis P. O'Brien
                                                 Vice President-Finance
                                                 and Chief Financial Officer
                                                 (Principal Financial and
                                                  Accounting Officer)

                                       13
<PAGE>

                     MERIDIAN MEDICAL TECHNOLOGIES, INC.
                                   FORM 10-Q


                                  EXIBIT INDEX


Exhibit No.                         Description of Exhibit
-----------                         ----------------------

   27                        Financial Data Schedule

                                       14