U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   Form 10-QSB


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

For the quarterly period ended March 31, 2002.
                               ---------------

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

For the transition period from ______________ to ______________.

                         Commission file number 0-19827
                                                -------

                                  HYMEDIX, INC.
             -------------------------------------------------------
             (Exact name of registrant, as specified in its charter)

           Delaware                                               22-3279252
-------------------------------                              -------------------
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

                          2227 US Highway One, PMB#222
                        North Brunswick, New Jersey 08902
          ------------------------------------------------------------
          (Address of principal executive offices, including zip code)

       Registrant's telephone number, including area code: (732) 274-2288
                                                           --------------



Check whether the registrant (1) filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 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 [ ]

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

 Class                                          Outstanding as of April 30, 2002
 -----                                          --------------------------------
 Common                                                      6,143,781


Transitional Small Business Disclosure Format (Check one):    Yes [ ] No [X]
<PAGE>

                          HYMEDIX, INC. AND SUBSIDIARY

                                      INDEX
                                      -----


                                                                        Page No.
                                                                        --------

PART I -  FINANCIAL INFORMATION

          Item 1.  Financial Statements

                   Consolidated Balance Sheets as of March 31, 2002
                   and December 31, 2001 ...................................3

                   Consolidated Statements of Operations for the
                   Three Months Ended March 31, 2002 and March 31, 2001 ....4

                   Consolidated Statements of Cash Flows for the
                   Three Months Ended March 31, 2002 and March 31, 2001 ....5

                   Notes to Interim Consolidated Financial Statements ......6

          Item 2.  Management's Discussion and Analysis of Financial
                   Condition and Results of Operations .....................9

PART II - OTHER INFORMATION

          Item 3.  Defaults Upon Senior Securities ........................14

          Item 6.  Exhibits and Reports on Form 8-K .......................14


SIGNATURES ................................................................15

                                       -2-
<PAGE>

PART I -  FINANCIAL INFORMATION
Item 1.   Financial Statements

<TABLE>
<CAPTION>
                                 HYMEDIX, INC. AND SUBSIDIARY
                                  Consolidated Balance Sheets

                                            ASSETS
                                            ------

                                                                    March 31,     December 31,
                                                                      2002            2001
                                                                  ------------    ------------
                                                                   (Unaudited)
<S>                                                               <C>             <C>
CURRENT ASSETS:
   Cash and cash equivalents                                      $     67,275    $    165,566
   Accounts receivable                                                   7,124          20,321
   Inventories, net                                                     10,226          22,165
   Other current assets                                                  3,532           3,928
                                                                  ------------    ------------
      Total current assets                                              88,157         211,980

PROPERTY AND EQUIPMENT, NET                                             42,840          46,203
SECURITY DEPOSIT                                                        59,040          59,040
                                                                  ------------    ------------
      Total assets                                                $    190,037    $    317,223
                                                                  ============    ============

                             LIABILITIES AND STOCKHOLDERS' DEFICIT
                             -------------------------------------

CURRENT LIABILITIES:
   Notes payable                                                  $  3,946,979    $  3,946,979
   Accounts payable and accrued expenses                             5,336,481       5,200,873
   Accrued legal judgment and settlement                                75,000          75,000
                                                                  ------------    ------------
      Total current liabilities                                      9,358,460       9,222,852
                                                                  ------------    ------------

ACCRUED LEGAL JUDGMENT AND SETTLEMENT                                   32,500          62,500

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' DEFICIT:
   8% Senior Convertible Preferred Stock, $3.00 par value,
      800,000 shares authorized, 7,390 shares issued and
      outstanding                                                       22,170          22,170
   Preferred Stock, $.01 par value, 3,000 shares authorized,
      150 shares issued and outstanding                                      2               2
   Common Stock, $.001 par value, 20,000,000 shares
      authorized, 6,143,781 shares issued and outstanding                6,144           6,144
   Additional paid-in capital                                       15,658,743      15,658,743
   Accumulated deficit                                             (23,387,982)    (23,155,188)
   Subscription receivable                                          (1,500,000)     (1,500,000)
                                                                  ------------    ------------
      TOTAL STOCKHOLDERS' DEFICIT                                   (9,200,923)     (8,968,129)
                                                                  ------------    ------------
      TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT                 $    190,037    $    317,223
                                                                  ============    ============
</TABLE>


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

                                       -3-
<PAGE>

                          HYMEDIX, INC. AND SUBSIDIARY

                      Consolidated Statements of Operations
                                   (Unaudited)


                                                        Three Months Ended
                                                             March 31,
                                                    ---------------------------
                                                        2002            2001
                                                    -----------     -----------

REVENUES:

   Net product sales                                $    60,892     $   185,777
   License, royalty and distribution fees                10,216          61,671
   Research and development contracts                    10,750          10,750
                                                    -----------     -----------
      Total revenues                                     81,858         258,198
                                                    -----------     -----------

COSTS AND EXPENSES:

   Cost of sales                                         14,448          40,334
   Selling, general and administrative                  167,248         210,553
   Research and development                              71,735          76,243
                                                    -----------     -----------
      Total costs and expenses                          253,431         327,130
                                                    -----------     -----------
         Loss from operations                          (171,573)        (68,932)
                                                    -----------     -----------

OTHER (EXPENSE) INCOME
   Interest expense                                     (68,600)        (69,725)
   Other income                                           7,379               0
                                                    -----------     -----------
      Total other (expense) income net                  (61,221)        (69,725)
                                                    -----------     -----------

         Net loss                                   $  (232,794)    $  (138,657)
                                                    -----------     -----------

BASIC LOSS PER COMMON SHARE                         $     (0.04)    $     (0.03)
                                                    ===========     ===========

DILUTED LOSS PER COMMON SHARE                       $     (0.04)    $     (0.03)
                                                    ===========     ===========

WEIGHTED AVERAGE COMMON
 SHARES OUTSTANDING                                   6,143,781       6,143,781
                                                    ===========     ===========

DILUTED AVERAGE COMMON
 SHARES OUTSTANDING                                   6,143,781       6,143,781
                                                    ===========     ===========


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

                                       -4-
<PAGE>

<TABLE>
<CAPTION>
                                  HYMEDIX, INC. AND SUBSIDIARY

                              Consolidated Statements Of Cash Flows
                                           (Unaudited)


                                                                            Three Months Ended
                                                                                 March 31,
                                                                          ----------------------
                                                                             2002         2001
                                                                          ---------    ---------
<S>                                                                       <C>          <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
   Net loss                                                               $(232,794)   $(138,657)
                                                                          ---------    ---------

   Adjustments to reconcile net loss to net cash
      used in operating activities:
         Depreciation and amortization                                        3,363        3,363

         (Increase) decrease in:
          Accounts receivable                                                13,197       (1,310)
            Inventories, net                                                 11,939       10,764
            Other current assets                                                396        2,821

         Increase (decrease) in:
            Accounts payable and accrued expenses                           135,608       18,694
            Accrued legal judgment                                          (30,000)     (30,000)
                                                                          ---------    ---------
               Total adjustments                                            134,503        4,332
                                                                          ---------    ---------
               Net cash used in operating activities                        (98,291)    (134,325)
                                                                          ---------    ---------
               Net decrease in cash and cash equivalents                    (98,291)    (134,325)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD                              165,566      181,282
                                                                          ---------    ---------

CASH AND CASH EQUIVALENTS, END OF PERIOD                                  $  67,275    $  46,957
                                                                          =========    =========
</TABLE>


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

                                       -5-
<PAGE>

                          HYMEDIX, INC. AND SUBSIDIARY


               Notes to Interim Consolidated Financial Statements


1.   INTERIM FINANCIAL STATEMENTS

          The unaudited consolidated financial statements have been prepared
     based upon financial statements of HYMEDIX, Inc. and its wholly owned
     subsidiary, HYMEDIX International, Inc. collectively (the Company).

          In the opinion of management, the accompanying interim consolidated
     financial statements of the Company reflect all adjustments, consisting of
     normal recurring accruals, necessary to present fairly, in all material
     respects, the Company's financial position as of March 31, 2002 and the
     results of operations and cash flows for the three months ended March 31,
     2002 and 2001. The results of operations for interim periods are not
     necessarily indicative of the results to be expected for an entire fiscal
     year.


2.   OTHER INCOME

          Substantially all of the other income recorded for the three months
     ended March 31, 2002 related to the interest earned for prior year income
     tax refund and sales of obsolete properties and equipments.


3.   LOSS PER SHARE

          The Company has adopted Statement of Financial Accounting Standards
     No. 128, "Earnings Per Share," (SFAS 128), which requires presentation in
     the consolidated statements of operations of both basic and diluted
     earnings per share. The computation of both basic and diluted earnings per
     share were as follows:

                                       -6-
<PAGE>

                                                         Three Months Ended
                                                              March 31,
                                                     --------------------------
                                                         2002           2001
                                                     -----------    -----------

Numerator:

   Net loss less preferred dividends of
      $34,193 for the period ended
      March 31, 2002 and
      March 31, 2001, respectively                   $  (266,987)   $  (172,850)
                                                     -----------    -----------

Denominator:

   Weighted average common
      shares outstanding                               6,143,781      6,143,781
                                                     -----------    -----------

BASIC LOSS PER COMMON SHARE                          $     (0.04)   $     (0.03)
                                                     ===========    ===========


Numerator:

   Net loss less preferred dividends of
      $34,193 for the period ended
      March 31, 2002 and
      March 31, 2001, respectively (A)                  (266,987)      (172,850)

   Interest on Convertible Bonds for the period (A)           --             --
                                                     -----------    -----------

         Subtotal                                       (266,987)      (172,850)
                                                     -----------    -----------

                                       -7-
<PAGE>

Denominator:

   Weighted average common
      shares outstanding

Common shares that would be issued in exchange
   for the Convertible Bonds assuming conversion
   at the beginning of the period (A)                  6,143,781      6,143,781
                                                     -----------    -----------

         Subtotal                                      6,143,781      6,143,781
                                                     -----------    -----------


DILUTED LOSS PER COMMON SHARE                        $     (0.04)   $     (0.03)
                                                     ===========    ===========


(A) None of the common shares issuable under the Company's stock option plan of
99,500 outstanding shares or common shares issuable upon conversion of the
preferred stock and convertible bonds were included in the above earnings per
share calculations because their inclusion would be anti-dilutive for both the
three months ended March 31, 2002 and March 31, 2001.

                                       -8-
<PAGE>

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

          This report contains forward-looking statements within the meaning of
     Section 27A of the Securities Act of 1933 and Section 21E of the Securities
     Exchange Act of 1934. Actual results could differ materially from those
     projected in the forward-looking statements as a result of the risk factors
     set forth below. The industry in which the Company competes is
     characterized by rapid changes in technology and frequent new product
     introductions. The Company believes that its long-term growth depends
     largely on its ability to continue to enhance existing products and to
     introduce new products and technologies that meet the continually changing
     requirements of customers. The Company currently has very limited
     resources, and has been evicted by its landlord. There can be no assurance
     that it will be able to introduce its new products and technologies on a
     timely basis, if at all, or that its products and technologies will not be
     rendered noncompetitive or obsolete by its competitors.


     Overview

     HYMEDIX, Inc. ("HYMEDIX") was incorporated in Delaware on December 20, 1993
as a wholly-owned subsidiary of Servtex International Inc. (the "Predecessor").
On February 23, 1994, the Predecessor merged with and into HYMEDIX, Inc. and,
concurrently, a wholly-owned subsidiary of the Predecessor was merged with and
into HYMEDIX International, Inc. ("HYMEDIX International") which resulted in
HYMEDIX International becoming a wholly-owned subsidiary of HYMEDIX. As used in
this Form 10-QSB, unless the context otherwise requires, the term "Company"
collectively means HYMEDIX, HYMEDIX International and their respective
predecessors.


Results of Operations

     Revenues

     The Company's total revenues for the three months ended March 31, 2002 were
$81,858 versus $258,198 for the same period in 2001, a decrease of $176,340 or
68.3%. This decrease in revenues resulted mainly from (1) a decrease of $51,455
in license, royalty and distribution fees, (2) decreased sales of $38,484 in
international sales of skin care products, (3) decreased sales of $85,857 in net
sales of hydrogels, and (4) a decrease of $544 in domestic sales of skin care
products.

                                       -9-
<PAGE>

     Costs and Expenses

     Cost of sales for the three months ended March 31, 2002 was $14,448 versus
$40,334, for the same period in 2001, a decrease of $25,886 or 64.2%. This
decrease in cost of sales was attributable to the 67.2% decrease in net product
sales offset by higher costs due to product mix. Selling, general and
administrative expenses decreased by $43,305 or 20.6% to $167,248 for the three
months ended March 31, 2002 from $210,553 for the same period of 2001. The
decrease was primarily due to lower employee related expenses. The research and
development costs for the three months ended March 31, 2002 were $71,735 as
compared to $76,243 for the same period in 2001, a decrease of $4,508 or 5.9%,
mainly due to lower staff expenses.


     Other (Expense) Income, Net

     Total other expense decreased by $8,504 to $61,221 for the three month
period ended March 31, 2002, versus $69,725 for the same period in 2001 mainly
attributable to sales of obsolete properties and equipments, interest earned,
and the decrease in interest expense from the previous year, which primarily
resulted from the payment of legal judgment and settlement.

     As a result of the decreased revenues, costs and expenses, and other
expenses described above for the three months ended March 31, 2002 as compared
to the same period of the prior year, the Company incurred a net loss of
$232,794 for the three months ended March 31, 2002 as compared to the net loss
of $138,657 for the same period in 2001.


Liquidity, Capital Resources and Changes in Financial Condition

     The Company had $67,275 in cash on hand on March 31, 2002 versus $165,566
on December 31, 2001. The working capital deficit of $(9,270,303) on March 31,
2002 represents an increase of $259,431 from the 2001 year-end deficit level of
$(9,010,872). The increase in working capital deficit was primarily attributable
to the net loss incurred in the three-month period ended March 31, 2002.

     The Company's two term loans, advanced to the Company by licensees pursuant
to license agreements, in the principal amounts of $1,500,000 and $900,000,
respectively, each have been classified as current liabilities as they are in
technical default as a result of certain interest payments that have not been
made.

                                      -10-
<PAGE>

     During the first quarter of 1996, the Company issued a convertible bond in
the principal amount of $1,500,000 (the "September Bond") pursuant to a
Convertible Bond Purchase Agreement effective March 5, 1996, by and among the
Company, HYMEDIX International and Su Chen Huang. The September Bond bears
interest at a rate of 7% per annum and matured (after being extended) on March
31, 1998. The Company is currently in default and the bonds payable on demand.
The September Bond is convertible in whole at any time prior to payment or
prepayment into one hundred fifty thousand (150,000) shares of common stock of
the Company. Interest on the September Bond is payable at maturity or upon
prepayment or conversion thereof.

     In April of 1996, the Company issued convertible bonds in the aggregate
principal amount of approximately $981,000 (the "June Bonds") pursuant to a
Convertible Bond Purchase Agreement effective February 27, 1996, by and among
the Company, HYMEDIX International, First Taiwan Investment and Development,
Inc. and the Purchasers (as defined therein). The June Bonds bear interest at a
rate of 7% per annum and matured (after being extended) on March 31, 1998. The
Company is currently in default and the bonds payable on demand. The June Bonds
are convertible in whole or in part at any time prior to payment or prepayment
into one thousand (1,000) shares of common stock for the Company for each one
thousand dollars ($1,000) of principal amount outstanding. Interest on the June
Bonds is payable at maturity or upon prepayment or conversion thereof.

     Both the June Bonds and the September Bond are structured in such a way as
to permit the Company, subject to certain terms and conditions, including
approval of the Bondholders (as thereinafter defined), to make withdrawals from
a special account (the "Special Account") up to the principal amount of the
bonds on a periodic basis and to require the Company to reduce the amount
withdrawn with respect to the Special Account by making payments into the
Special Account. As of March 31, 2002, the Company had made various withdrawals
from and repayments to the Special Account.

     Pursuant to a Security Agreement dated as of August 8, 1996, by and among
the Company and the Bondholder Representative (as defined therein), in order to
induce the Purchasers and Su Chen Huang (collectively, the "Bondholders") to
approve future withdrawals by the Company from the special account, the Company
granted to the Bondholder Representative, for the ratable benefit of the
Bondholders, a security interest in all of the Company's assets and properties.

     In June of 1997, the Company received a payment of a $100,000 refundable
deposit from a potential distributor with whom the Company has reached an
agreement in principle regarding certain aspects of the Company's consumer skin
care business. The Company has agreed to grant the distributor an option to
negotiate an agreement with the Company with respect to the Company's skin care

                                      -11-
<PAGE>

product in certain territories or to match the terms of any such agreement that
the Company may negotiate with a third party, on a right-of-first refusal basis.
The $100,000 deposit would be refundable to the distributor in the event any
such third party agreement is consummated or creditable against amounts payable
under any definitive agreement between the Company and this distributor. The
Company does not have the ability to refund the $100,000 deposit.

     Management is not certain that the Company will find a facility to continue
its production and have adequate resources to finance its operations in 2002. A
judgement in the amount of $367,500 has been rendered against the Company, and
the Company's landlord is seeking a judgement of approximately $175,000 against
the Company. Financing the judgement as well as the Company's operations will be
very difficult. It is very likely that cash flow from operations and proceeds of
financing, if any, will not be sufficient to fund the Company's operations and
obligations in 2002.


Risk Factors and Cautionary Statements

     When used in this Form 10-QSB and in future filings by the Company with the
Securities and Exchange Commission, the Company's press releases and in oral
statements made with the approval of an authorized executive officer, the words
or phrases "will likely result", "are expected to", "will continue", "is
anticipated", "estimate", "project", or similar expressions are intended to
identify "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements are subject to certain
risks and uncertainties, including those discussed under this caption "Risk
Factors and Cautionary Statements," that could cause actual results to differ
materially from historical earnings and those presently anticipated or
projected. The Company wishes to caution readers not to place undue reliance on
any such forward-looking statements, which speak only as of the date made, and
wishes to advise readers that the factors listed below could cause the Company's
actual results for future periods to differ materially from any opinions or
statements expressed with respect to future periods in any current statements.

     The Company will NOT undertake and specifically declines any obligation to
publicly release the result of any revisions which may be made to any
forward-looking statements to reflect events or circumstances after the date of
such statements or to reflect the occurrence of anticipated or unanticipated
events.

     o    The Company had a loss of $232,794 for the three months ended March
31, 2002 and had an accumulated deficit at March 31, 2002 of $9,200,923. The
Company has experienced ongoing losses from operations. The Company has a
limited cash balance and is in technical default on its loans and leases. It is
very likely that cash flow from operations and proceeds from a financing, if
any, will not sufficient to fund the Company's operations in 2002.

                                      -12-
<PAGE>

     o    The Company's revenues and income are derived primarily from the
development and commercialization of medical and skin care products. The medical
and skin care products industry is highly competitive. Such competition could
negatively impact the Company's market share and therefore reduce the Company's
revenues and income. Competition may also result in a reduction of average unit
prices paid for the Company's products. This, in turn, could reduce the
percentage of profit margin available to the Company for its product sales.

     o    The Company's future operating results are dependent on its ability to
develop, produce and market new and innovative products and technologies, and to
successfully enter into favorable licensing and distribution relationships.
There are numerous risks inherent in this complex process, including rapid
technological change and the requirement that the Company develop procedures to
bring to market in a timely fashion new products and services that meet
customers' needs. There can be no assurance that the Company will be able to
successfully develop and commercialize any new products or technologies.

     o    Historically, the Company's operating results have varied from fiscal
period to fiscal period; accordingly, the Company's financial results in any
particular fiscal period are not necessarily indicative of results for future
periods.

     o    The Company's success is partly dependent on its ability to
successfully predict and adjust production capacity to meet demand, which is
partly dependent upon the ability of external suppliers to deliver components
and materials at reasonable prices and in a timely manner; capacity or supply
constraints, as well as purchase commitments, could adversely affect future
operating results. At the present time, the Company has no manufacturing
capacity.

     o    The Company offers its products and technologies directly and through
indirect distribution channels. Changes in the financial condition of, or the
Company's relationship with, distributors, licensees and other indirect channel
partners, could cause actual operating results to vary from those expected.

     o    The Company does business and continues to seek to develop business on
a worldwide basis. Global and/or regional economic factors and potential changes
in laws and regulations affecting the Company's business, including without
limitation, currency exchange rate fluctuations, changes in monetary policy and
tariffs, and federal, state and international laws regulating its products,
could impact the Company's financial condition or future results of operations.

                                      -13-
<PAGE>

     o    The market price of the Company's securities could be subject to
fluctuations in response to quarter to quarter variations in operating results,
market conditions in the medical and skin care products industry, as well as
general economic conditions and other factors external to the Company.


PART II - OTHER INFORMATION


Item 3.   Defaults Upon Senior Securities.

               The information regarding the default of certain senior
               securities of the Company is stated in Item 2. Management's
               Discussion and Analysis of Financial Condition and Results of
               Operations -- Liquidity and Capital Resources and is incorporated
               herein by reference.


Item 6.   Exhibits and Reports on Form 8-K.

          (a)  Exhibits.
               --------

               None

          (b)  Reports on Form 8-K.
               -------------------

               None

                                      -14-
<PAGE>

                                   SIGNATURES


     In accordance with 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.

                                       HYMEDIX, INC.
                                       (Registrant)



Date: May 14, 2002                     By: /s/ GEORGE P. STOY
                                           -------------------------------------
                                           George P. Stoy
                                           Acting President (Principal Executive
                                           Officer) and Director



Date: May 14, 2002                     By: /s/ WILLIAM G. GRIDLEY, JR.
                                           -------------------------------------
                                           William G. Gridley, Jr.
                                           Chairman, Chief Financial Officer,
                                           (Secretary, Treasurer, Principal
                                           Financial Officer and Principal
                                           Accounting Officer), Director

                                      -15-