<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 10-Q/A



[X]              QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

                 SECURITIES EXCHANGE ACT OF 1934

                 For the Quarterly period Ended March 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. 0-9407
                                REHABILICARE INC.
             (Exact name of registrant as specified in its charter)

        MINNESOTA                                      41-0985318
(State or other jurisdiction of            (I.R.S. Employer Identification No.)
 incorporation or organization)

                               1811 OLD HIGHWAY 8
                          NEW BRIGHTON, MINNESOTA 55112
                    (Address of principal executive offices)

                                 (651) 631-0590
              (Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

Yes   X   No
    -----   -----

The number of shares outstanding of each of the issuer's classes of common stock
as of May 10, 2000 was:

COMMON STOCK, $.10 PAR VALUE                                   10,569,630 SHARES




<PAGE>   2



                         PART I - FINANCIAL INFORMATION


     ITEM 1.         FINANCIAL STATEMENTS

                     Included herein is the following unaudited condensed
                     financial information:

                         Consolidated Balance Sheets as of March 31, 2000 and
                         June 30, 1999

                         Consolidated Statements of Operations for the three
                         months and nine months ended March 31, 2000 and 1999

                         Consolidated Statements of Cash Flows for the nine
                         months ended March 31, 2000 and 1999

                         Notes to Consolidated Financial Statements




                                       3

<PAGE>   3


                       REHABILICARE INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                   (UNAUDITED)
<TABLE>
<CAPTION>

                                                                           MARCH 31,       JUNE 30,
                                                                             2000           1999
                                                                        -------------   --------------
                                          ASSETS
                                          ------
<S>                                                                     <C>             <C>
CURRENT ASSETS:
   Cash and cash equivalents                                            $  2,432,991    $    561,207
   Receivables, less reserve for uncollectible accounts of $5,026,783
      and $4,913,635                                                      19,210,079      17,233,469
   Inventories
     Raw materials                                                         1,453,427       1,825,487
     Work in process                                                         338,138         377,771
     Finished goods                                                        6,542,763       6,709,525
   Deferred tax assets                                                     2,587,686       2,587,686
   Prepaid expenses                                                        1,306,945         584,330
                                                                        ------------    ------------
         Total current assets                                             33,872,029      29,879,475

PROPERTY, PLANT AND EQUIPMENT:                                            11,460,127      11,548,678
   Less accumulated depreciation                                          (6,186,248)     (6,930,564)
                                                                        ------------    ------------
         Net property, plant and equipment                                 5,273,879       4,618,114

Intangible assets, net                                                    12,335,808       1,150,009
Deferred tax assets                                                          224,952          40,121
Other assets                                                                  47,672          11,995
                                                                        ------------    ------------
                                                                        $ 51,754,340    $ 35,699,714
                                                                        ============    ============
                    LIABILITIES AND STOCKHOLDERS' EQUITY
                    ------------------------------------

CURRENT LIABILITIES:
   Note payable                                                         $  3,000,000    $  2,400,000
   Current maturities of long-term debt                                    1,982,914       1,241,037
   Accounts payable                                                        1,957,403       2,038,732
   Accrued liabilities
     Payroll                                                                 344,372         575,426
     Commissions                                                             289,021         491,990
     Other                                                                 2,053,033       1,560,297
   Minority interest                                                          10,733          24,681
                                                                        ------------    ------------
         Total current liabilities                                         9,637,476       8,332,163

LONG-TERM LIABILITIES:
   Long-term debt                                                         14,319,536       4,066,914
   Deferred tax liabilities                                                1,389,011         247,328
                                                                        ------------    ------------
         Total liabilities                                                25,346,023      12,646,405

STOCKHOLDERS' EQUITY:
   Common stock, $.10 par value:  25,000,000 shares authorized;            1,056,963       1,049,491
     issued and outstanding 10,569,630 and 10,494,908 shares
   Preferred stock, no par value; 5,000,000 shares authorized; none
     issued and outstanding                                                      ---             ---
   Additional paid-in capital                                             20,875,527      20,740,650
   Less note receivable from officer/stockholder                            (210,417)       (237,500)
   Accumulated other non-owner changes in equity                            (151,601)         (1,637)
   Retained earnings                                                       4,837,845       1,502,305
                                                                        ------------    ------------
         Total stockholders' equity                                       26,408,317      23,053,309
                                                                        ------------    ------------
                                                                        $ 51,754,340    $ 35,699,714
                                                                        ============    ============

</TABLE>

                                       4

<PAGE>   4

                       REHABILICARE INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                        THREE MONTHS ENDED                             NINE MONTHS ENDED
                                                             MARCH 31                                      MARCH 31
                                              --------------------------------------       ---------------------------------------
                                                    2000                 1999                    2000                 1999
                                              -----------------    -----------------       -----------------    ------------------

<S>                                           <C>                  <C>                     <C>                  <C>
  Net sales and rental revenue                    $13,949,721          $10,919,706             $42,604,077          $ 30,886,253

  Cost of sales and rentals                         4,141,278            3,107,808              12,847,569             8,770,646
                                              -----------------    -----------------       -----------------    ------------------
       Gross profit                                 9,808,443            7,811,898              29,756,508            22,115,607

  Operating expenses:
     Selling, general and administrative            7,888,129            6,262,041              22,887,512            17,517,381
     Research and development                         340,244              268,158                 947,123               713,461
     Acquisition expense                                  ---                  ---                     ---                79,107
                                              -----------------    -----------------       -----------------    ------------------
       Total operating expenses                     8,228,373            6,530,199              23,834,635            18,309,949
                                              -----------------    -----------------       -----------------    ------------------

       Income from operations                       1,580,070            1,281,699               5,921,873             3,805,658

  Other income (expense):
     Interest expense                                (410,628)            (148,945)            (1,165,330)             (405,109)
     Gain on sale of building                             ---                  ---               1,075,680                  ---
     Minority interest                                 (3,850)             (24,107)                13,948               (24,107)
     Other                                            (10,176)              (1,913)               (97,631)                8,478
                                              -----------------    -----------------       -----------------    ------------------
       Income before income taxes                   1,155,416            1,106,734              5,748,540             3,384,920
                                              -----------------    -----------------       -----------------    ------------------
  Provision for income taxes                          486,000              420,000              2,413,000             1,285,000
                                              -----------------    -----------------       -----------------    ------------------
       Net income                                   $ 669,416            $ 686,734            $ 3,335,540           $ 2,099,920
                                              =================    =================       =================    ==================
  Net income per common and
  common equivalent share

       Basic                                         $   0.06            $    0.07              $    0.31             $    0.20
                                              =================    =================       =================    ==================
       Diluted                                       $   0.06            $    0.07              $    0.31             $    0.20
                                              =================    =================       =================    ==================

  Weighted average number of shares
  outstanding
        Basic
                                                   10,569,275           10,472,019             10,548,712            10,462,325
                                              =================    =================       =================    ==================
        Diluted
                                                   10,612,967           10,532,783             10,635,278            10,501,956
                                              =================    =================       =================    ==================

</TABLE>


                                       5
<PAGE>   5


                       REHABILICARE INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (UNAUDITED)

<TABLE>
<CAPTION>

                                                                                               NINE MONTHS ENDED
                                                                                                   MARCH 31
                                                                                ----------------------------------------------------

                                                                                             2000                    1999
                                                                                ------------------------  -------------------------
     OPERATING ACTIVITIES:

<S>                                                                              <C>                      <C>
       Net income                                                                      $    3,335,540           $  2,099,920
           Adjustments to reconcile net income to net cash
            provided by (used in) operating activities
              Gain on sale of building                                                     (1,075,680)                   ---
              Depreciation and amortization                                                 1,568,382                611,111
              Change in long-term portion of deferred taxes                                    85,655                    ---
              Minority interest                                                               (13,948)                   ---
              Change in current assets and liabilities, excluding effects of
               business combinations
                 Receivables                                                                  200,314             (2,404,871)
                 Inventories                                                                2,115,807               (855,906)
                 Prepaid expenses                                                            (615,683)              (423,367)
                 Accounts payable                                                          (1,757,582)               112,422
                 Accrued liabilities                                                       (1,061,835)               (52,871)
                                                                                       ---------------          -------------
                   Net cash provided by (used in) operating activities                      2,780,970               (913,562)

     INVESTING ACTIVITIES:
       Purchases of property and equipment                                                 (1,314,374)              (268,201)
       Cash paid in asset acquisition, net of cash received                               (12,598,117)            (3,650,000)
       Proceeds from sale of building                                                       1,726,930                    ---
                                                                                       ---------------          -------------
                    Net cash used in investing activities                                 (12,185,561)            (3,918,201)

     FINANCING ACTIVITIES:
       Proceeds from new financing                                                         15,339,365              2,500,000
       Principal payments on long-term obligations                                         (3,403,203)              (845,173)
       Proceeds from line of credit, net                                                      600,000              2,500,000
       Payment of capital lease obligation                                                 (1,261,733)                   ---
       Proceeds from exercise of stock options                                                 39,059                  3,895
       Proceeds from employee stock purchase plan                                             103,290                 53,194
                                                                                       ---------------          -------------
                    Net cash provided by financing activities                              11,416,778              4,211,886

       Effect of exchange rates on cash and cash equivalents                                 (140,403)                   ---
                                                                                       ---------------          -------------
                    Net increase (decrease) in cash and cash equivalents                    1,871,784               (619,877)

     CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                         561,207                919,765
                                                                                       ---------------          -------------


     CASH AND CASH EQUIVALENTS AT END OF PERIOD                                        $    2,432,991           $    299,888
                                                                                       ===============          =============
     SUPPLEMENTAL CASH FLOW INFORMATION

                 Interest paid                                                         $    1,118,156           $    293,915
                                                                                       ===============          =============
                 Income taxes paid                                                     $    1,842,984           $  1,022,859
                                                                                       ===============          =============


</TABLE>



                                       6
<PAGE>   6

                       REHABILICARE INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENT OF CASH FLOWS
                 FOR THE NINE MONTH PERIOD ENDED MARCH 31, 2000


         The Company used a term loan and a credit line to finance certain
     business combinations accounted for under the purchase method during the
     first nine months of fiscal 2000 and 1999. The fair value of the assets and
     liabilities of acquired companies at the dates of the acquisitions are
     presented as follows:

<TABLE>
<CAPTION>

                                                                             For the Nine Months Ended
                                                                                     March 31
                                                                   ---------------------------------------------

                                                                           2000                  1999
                                                                   --------------------     --------------------

<S>                                                                <C>                      <C>
                     Accounts receivable                                $ 2,176,925            $ 1,710,651
                     Inventories                                          1,537,352              1,179,280
                     Prepaid expenses                                       514,493                    ---
                     Property and equipment                                 828,728                623,814
                     Intangible assets                                   11,571,716              1,000,000
                     Other long-term assets                                 203,224                    ---
                     Accounts payable                                    (1,666,687)              (606,971)
                     Accrued liabilities                                 (1,707,466)               (17,633)
                     Long-term liabilities                                 (860,168)              (239,141)
                                                                   --------------------     --------------------
                           Net assets acquired                         $ 12,598,117           $  3,650,000
                                                                   ====================     ====================

</TABLE>

                                       7
<PAGE>   7



                                REHABILICARE INC.
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 MARCH 31, 2000

1.  ACCOUNTING POLICIES

The amounts set forth in the preceding financial statements are unaudited as of
and for the periods ended March 31, 2000 and 1999 but, in the opinion of
management, reflect all adjustments (consisting only of normal recurring
adjustments) necessary for a fair statement of the results for the periods
presented. Such results are not necessarily indicative of results for the full
year. The significant accounting policies and certain financial information
which are normally included in financial statements prepared in accordance with
generally accepted accounting principles, but which are not required for interim
reporting purposes, have been omitted. The accompanying financial statements of
the Company should be read in conjunction with the audited consolidated
financial statements for the year ended June 30, 1999 included in the Company's
Annual Report on Form 10-KSB.

In June 1998, the FASB issued Statement of Financial Accounting Standards No.
133, "Accounting for Derivative Instruments and Hedging Activities." This
statement requires that all derivatives be recognized at fair value in the
balance sheet and all changes in fair value be recognized currently in earnings
or deferred as a component of other comprehensive income, depending on the
intended use of the derivative, its resulting designation and its effectiveness.
The Company does not believe that the implementation of this statement will have
an effect on the Company's results of operations, cash flows or financial
position.

2.  BUSINESS COMBINATIONS

On July 19, 1999, the Company acquired all of the outstanding capital stock of
Compex SA, a Swiss-based medical products company, for cash of $10,747,967. The
acquisition was financed principally with debt and provides for additional
contingent consideration of up to $2,000,000 based on performance for the
calendar years 1999 and 2000. The initial purchase consideration exceeded the
net fair value of tangible assets by $9,721,566, of which $1,400,000 represented
the value of Compex's technology, $1,400,000 represented the value of its
workforce and the remaining $6,921,566 of which was assigned to goodwill. The
value of these intangible assets will be amortized over various periods from
five to twenty years. The allocations are preliminary, pending the outcome of
certain pre-acquisition tax contingencies. Additional consideration of
approximately $1,800,000 was earned for performance in calendar year 1999 and
was paid in March 2000. That amount was included in goodwill as of December 31,
1999 and, effective January 1, 2000, was amortized accordingly.

Proforma operating results as if Compex SA had been acquired at the beginning of
fiscal 1999 are as follows:

<TABLE>
<CAPTION>

                                                 For the Three Months Ended                  For the Nine Months Ended
                                                       March 31, 1999                              March 31, 1999
                                           ---------------------------------------     ---------------------------------------

<S>                                        <C>                                         <C>
        Net sales                                     $  13,628,000                              $   37,702,000
        Income before taxes                                 808,000                                   2,490,000
        Net Income                                          471,000                                   1,454,000
        Earnings per share -
            Basic                                     $         .04                               $         .14
            Diluted                                             .04                                         .14
</TABLE>



                                       8
<PAGE>   8


On August 7, 1998, the Company acquired substantially all of the assets
(consisting primarily of finished goods inventory and receivables) of the
Homecare business unit of Henley Healthcare, Inc. ("Henley") for a purchase
price of $3,650,000 paid in cash at closing. The cash paid was obtained from
existing funds and borrowings under the Company's bank line of credit, including
a $2,500,000 term loan payable over three years.

3.  NOTE PAYABLE AND LONG TERM DEBT

In conjunction with its acquisition of Compex SA, the Company entered into a new
$20,000,000 credit facility which provides for both term and revolving
borrowings at varying rates based either on the bank's prime rate or LIBOR. The
initial term loan of $15,000,000 was used to fund the acquisition and repay the
balance of a mortgage note and a revolving loan provided under a credit facility
with another bank.

Borrowings under the new facility are secured by substantially all assets of the
Company other than those pledged as collateral on existing lease or mortgage
obligations. The interest rate on the term loan was 8.76% at March 31, 2000 and
the weighted average rate on borrowings under the revolving line of credit was
8.88%.

The Company was in compliance with all financial covenants in its credit
agreement as of March 31, 2000 and for the period then ended.

4.  SEGMENT INFORMATION

Rehabilicare and its consolidated subsidiaries operate their business in one
reportable segment, the manufacture and distribution of electromedical pain
management and rehabilitation products. The Company's chief operating decision
makers use consolidated results to make operating and strategic decisions. Net
revenue from United States and foreign sources (primarily Europe) was as
follows:

<TABLE>
<CAPTION>

                                                                     For the Nine Months Ended March 31
                                                   --------------------------------------------------------------------

                                                               2000                               1999
                                                   ------------------------------   -----------------------------------

<S>                                                <C>                              <C>
           U.S. revenues                                   $     31,010,778                      $ 30,257,423
           Foreign revenues                                      11,593,299                           628,830
                                                           ----------------                      ------------
               Total                                       $     42,604,077                      $ 30,886,253
                                                           ================                      ============
</TABLE>

     Net revenue by product line was as follows:
<TABLE>
<CAPTION>

                                                                     For the Nine Months Ended March 31
                                                   --------------------------------------------------------------------

                                                                2000                               1999
                                                   ------------------------------    ----------------------------------

<S>                                                <C>                               <C>
           Rehabilitation products                          $    18,515,274                      $   8,070,198
           Pain management                                       10,930,577                         10,922,217
           Accessories and supplies                              13,158,226                         11,893,838
                                                            ---------------                     --------------
                                                            $    42,604,077                      $  30,886,253
                                                            ===============                     ==============

</TABLE>


     No single customer represents over 10% of the Company's consolidated
revenues.


                                      9

<PAGE>   9


                                   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.





                                    REHABILICARE INC.



May 15, 2000                        /s/ David B. Kaysen
---------------------------         --------------------------------------------
Date                                David B. Kaysen
                                    President and Chief Executive Officer



May 15, 2000                        /s/ W. Glen Winchell
---------------------------         --------------------------------------------
Date                                W. Glen Winchell
                                    Vice President of Finance
                                    (Principal Financial and Accounting Officer)







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