SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM 10 - Q

Quarterly  Report  Pursuant  to Section  13 or 15(d) of the  Securities
Exchange Act of 1934 For the quarterly period ended:  December 31, 1999
Commission File Number: 0-11309

                           NETOPTIX CORPORATION
          (Exact name of registrant as specified in its charter)

Delaware                                                              04-2526583
(State or other jurisdiction of                                    (IRS Employer
incorporation or organization)                               Identification No.)

Sturbridge Business Park, P.O. Box 550                                     01566
Sturbridge, Massachusetts                                             (Zip Code)
(Address of principal executive offices)
Registrant's telephone number including area code                 (508) 347-9191


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 at February 9, 2000
-------------------------------         ----------------------------------------
Common stock, par value $.01                          11,452,596 shares




<PAGE>


                              NETOPTIX CORPORATION
                                      INDEX

Part I.  Financial Information:                                         Page No.

Item 1.  Financial Statements (unaudited)

         Consolidated Balance Sheets...................................        3

         Consolidated Statements of Operations.........................        4

         Consolidated Statements of Cash Flows.........................        5

         Notes to Condensed Consolidated Financial Statements..........        6

Item 2.  Management's Discussion and Analysis of Financial Condition
           and Results of Operations                                          10

Part II.Other Information:

        Forward-Looking Statements.....................................       12

Item 1. Legal Proceedings..............................................       12

Item 2. Changes in Securities and Use of Proceeds......................       12

Item 4. Submission of Matters to a Vote of Security Holders............       12

Item 6. Exhibits and Reports on Form 8-K...............................       13

        Signatures.....................................................       14


<PAGE>


Part I.  FINANCIAL INFORMATION
  Item 1..........Financial Statements

<TABLE>
<CAPTION>
                              NETOPTIX CORPORATION
                           CONSOLIDATED BALANCE SHEETS

                                                                         (Unaudited)
(Dollars in thousands except share data)                                 Dec. 31, 1999      Sept. 30, 1999
                                                                         -------------      --------------

ASSETS
Current assets:
<S>                                                                        <C>                 <C>
Cash and cash equivalents                                                  $     408           $   2,117
Accounts receivable, less allowances of $507                                   3,274               2,789
Inventories                                                                    1,631               1,593
Other current assets                                                             286                 389
Assets relating to discontinued operations, net                               13,807              14,009
Assets held for sale                                                           3,288               3,288
                                                                           ---------           ---------
Total current assets                                                          22,694              24,185

Property, plant and equipment, net                                            13,252              10,520
Excess of cost over the fair value of assets acquired, net                    11,690              11,796
Other assets, net                                                              2,470               1,864
                                                                           ---------           ---------

Total assets                                                                 $50,106           $  48,365
                                                                           =========           =========

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Revolving line of credit                                                   $   1,630           $   1,150
Current portion of long term debt                                              5,350               5,350
Accounts payable                                                               1,990               3,148
Accrued liabilities                                                            2,972               3,590
Accrued liabilities, relating to discontinued operations                       5,091               5,000
                                                                           ---------           ---------
Total current liabilities                                                     17,033              18,238

Long-term debt                                                                 2,345                 550
Other liabilities                                                                679                 660
                                                                           ---------           ---------

Total Liabilities                                                             20,057              19,448

Commitments & contingencies (Note 7)
Stockholders' equity:
Common stock, $0.01 par value, 36,000,000 shares authorized,
  11,416,846 and 11,326,481 issued and outstanding, respectively                 114                 113
Additional paid-in capital                                                    61,952              61,389
Accumulated deficit                                                          (31,803)            (32,422)
Accumulated other comprehensive loss                                            (214)               (163)
                                                                           ---------           ---------

Total stockholders' equity                                                    30,049              28,917
                                                                           ---------            --------

Total liabilities and stockholders' equity                                   $50,106           $  48,365
                                                                           =========           =========

See accompanying notes

</TABLE>


<PAGE>

<TABLE>
<CAPTION>

                              NETOPTIX CORPORATION
                      CONSOLIDATED STATEMENTS OF OPERATIONS

                                                                                      (Unaudited)
                                                                              For the Three Months Ended
                                                                                      December 31,
<S>                                                                                 <C>          <C>
(Dollars in thousands, except per share data)                                        1999        1998
                                                                                     ----        ----

Net Sales                                                                          $  4,695    $  3,831
Cost of sales                                                                         2,287       2,647
                                                                                    -------    --------

Gross profit                                                                          2,408       1,184
Research and development expenses                                                        40         278
Selling & administrative expenses                                                     1,542       3,305
Reduction in carrying value of certain long-lived assets                                 --       1,841
                                                                                   --------    --------
Total operating expense                                                               1,582       5,424
                                                                                    -------    --------
Operating profit (loss)                                                                 826      (4,240)
Interest expense, net                                                                  (249)       (320)
Other income, net                                                                        82          27
                                                                                   --------    --------
Income (loss) from continuing operations before income tax                              659     (4,533)

Provision for income taxes                                                               40          --
                                                                                   --------    --------
Income (loss) from continuing operations                                                619      (4,533)
Discontinued operations:
  Income from operations of discontinued operations, net of income taxes                 --         392
                                                                                   --------    --------
Net income (loss)                                                                  $    619    $ (4,141)
                                                                                   ========    ========

Net income (loss) per common shares outstanding:
  Income (loss) from continuing operations                                         $   0.05    $  (0.56)
  Effect of discontinued operations                                                      --        0.05
                                                                                   --------    --------
  Net income (loss)                                                                $   0.05    $  (0.51)
                                                                                   ========    ========

See accompanying notes
</TABLE>


<PAGE>


<TABLE>
<CAPTION>

                              NETOPTIX CORPORATION
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (Dollars in thousands)

                                                                                 (Unaudited)
                                                                          For the Three Months Ended
                                                                                 December 31,
                                                                            1999                1998
                                                                            ----                ----

Cash flows from operating activities:
<S>                                                                     <C>                   <C>
Net income (loss)                                                       $    619              $ (4,141)
Adjustments to reconcile net loss to net cash provided (used)
  by operating activities:
  Depreciation and amortization                                              394                   819
  Reduction in carrying value of long-lived assets                            --                 1,841
  Other adjustments, net                                                      38                   241
Increase (decrease) in cash from changes in operating
    assets and liabilities:
  Accounts receivable                                                       (485)                1,252
  Inventories                                                                (38)                  201
  Accounts payable                                                        (1,706)                   80
  Other changes, net                                                        (216)                 (217)
                                                                        --------              --------
     Total adjustments                                                    (2,013)                4,217
                                                                        --------              --------
     Net cash provided (used) by operating activities                     (1,394)                   76

Cash flows from investing activities:
  Capital expenditures                                                    (2,993)                 (730)
  Proceeds from sale of assets                                                 2                    --
                                                                        --------              --------
     Net cash used in investing activities                                (2,991)                 (730)

Cash flows from financing activities:
  Borrowings on note payable                                               9,006                 1,750
  Payment of notes payable                                                (6,731)               (1,059)
  Proceeds from issuance of common stock, net of expenses                    564                    56
  Payment of financing costs                                                (112)                  (62)
                                                                        --------              --------
     Net cash provided by financing activities                             2,727                   685
Effect of exchange rate changes on cash                                      (51)                   13
                                                                        --------              --------
Net increase/decrease in cash and cash equivalents                        (1,709)                   44
Cash and cash equivalents at beginning of period                           2,117                   563
                                                                        --------              --------
Cash and cash equivalents at end of period                              $    408              $    607
                                                                        ========              ========
</TABLE>



<PAGE>


                              NETOPTIX CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                  (Dollars in Thousands, Except Per Share Data)

1.       BASIS OF PRESENTATION

         The  preparation of financial  statements in conformity  with generally
         accepted  accounting  principles  requires management to make estimates
         and  assumptions  that  affect  the  reported  amounts  of  assets  and
         liabilities and disclosure of contingent  assets and liabilities at the
         date of the financial  statements,  as well as the reported  amounts of
         revenues and expenses during the reporting period. Actual results could
         differ from these estimates.

         In the opinion of  management,  the  accompanying  unaudited  condensed
         consolidated  financial statements reflect all adjustments  (consisting
         of  normal  recurring  adjustments  except  as  disclosed  in  Note  7)
         considered necessary for a fair presentation.  The Company's accounting
         policies  are  described  in the  Notes to the  Consolidated  Financial
         Statements  in the  Company's  1999 Form 10-K,  which should be read in
         conjunction with these financial statements.

         The results of operations for the three months ended December 31, 1999,
         are not  necessarily  indicative  of the results to be expected for the
         full year.

         As  stated  in Note 4, on  January  31,  2000,  the  Company  sold  its
         Leisegang  Medical,  Inc. and related women's health businesses ("LMI")
         and  related  assets,  and on  July  1,  1999,  the  Company  sold  its
         Scientific Detector and Spectroscopy  Products business ("SDP").  These
         businesses  have  been  presented  as  discontinued  operations  in the
         accompanying   consolidated   financial  statements.   For  comparative
         purposes,  the statement of operations  and related  earnings per share
         information,  for all periods presented,  have been restated to reflect
         the results of operations  for the  discontinued  businesses in "Income
         from operations of discontinued  operations,  net of income taxes." The
         consolidated  balance  sheets  reflect  the  assets  related  to LMI as
         "Assets  relating to discontinued  operations,  net." The  liabilities,
         estimated  loss from  operations  and estimated loss on the sale of LMI
         are reflected on the balance sheet as "Accrued  liabilities  related to
         discontinued operations."

         Certain  reclassifications  have  been  made  to  amounts  reported  in
         previous years in order to conform to the current year presentation.

2.       INVENTORIES

         Inventories consist of the following:
                                              December 31,       September 30,
                                                  1999                 1999
                                                ------               -----
              Finished goods                    $  276               $  569
              Work-in-progress                   1,043                  819
              Raw materials                        312                  205
                                                ------               ------

                                                $1,631               $1,593
                                                ======               ======
3.       EARNINGS PER SHARE

         The  following  table sets forth the  computation  of basic and diluted
         earnings per share:

                                                      For the Three Months ended
                                                              December 31,
                                                            1999       1998
                                                            ----       ----
           Numerator:
           Income (loss) from continuing operations     $    619     $(4,533)
                                                        ========     ========

           Denominator:
           Weighted average shares - basic                11,383        8,071
           Dilutive stock warrants                           955           --
           Dilutive employee stock options                   388           --
                                                        --------     --------

           Weighted average shares - assuming dilution    12,726        8,071
                                                        ========     ========

           Net income (loss) per common share -
             basic and diluted
           Income (loss) from continuing operations       $ 0.05     $  (0.56)
           Effect of discontinued businesses                  --         0.05
                                                        --------     --------

                                                          $ 0.05     $  (0.51)
                                                        ========     ========

4.       DISCONTINUED BUSINESSES

         On January  31,  2000,  the Company  sold its LMI and  related  women's
         health  businesses and related  assets.  The  transaction  includes the
         Company's  operating  units in  Germany  and  Canada as well as the LMI
         operation in Boca Raton,  Florida.  The purchase price is approximately
         $10  million.  The  net  proceeds  will  be used  to  reduce  debt  and
         accordingly,  such  indebtedness  have  been  reflected  as  a  current
         liability.  The Company is in the process of finalizing the actual gain
         or loss on the  disposition of LMI. The Company does not anticipate any
         material differences from the amounts previously reported.

         On July 1, 1999,  the Company sold its SDP business.  The proceeds from
         the sale,  totaling  approximately  $7.1  million,  were applied to the
         Company's  outstanding debt. The Company recorded a gain on the sale of
         approximately $2.7 million.

         The tax benefit associated with the net loss on the sale has been fully
         reserved at September 30, 1999.

         The  operating  results  and  estimated  net  loss on the sale of these
         businesses have been presented as discontinued operations.

         Summarized information of the discontinued operations is as follows:

<TABLE>
<CAPTION>
                                                                         For the Three Months ended
                                                                                 December 31,

                                                                                       1999

         Income statement data:                                        LMI             SDP         Total
                                                                       ---             ---         -----

<S>                                                                <C>              <C>         <C>
              Net sales                                            $  3,461         $    --     $  3,461
              Loss from discontinued operations(1)                     (613)             --         (613)

                                                                                       1998

                                                                       LMI             SDP         Total
                                                                       ---             ---         -----

              Net sales                                            $ 16,659         $ 2,463     $ 19,122
              Income from discontinued operations                       121             271          392
              Earnings per share from discontinued operations
                                                                       0.02            0.03         0.05
</TABLE>

<TABLE>
<CAPTION>

         Balance sheet data:                                   December 31, 1999    September 30, 1999
                                                               -----------------    ------------------

<S>                                                                <C>                  <C>
         Cash                                                      $     136            $        75
         Accounts receivable                                           2,030                  1,969
         Inventories                                                   3,319                  3,521
         Property, plant and equipment, net                            1,387                  1,434
         Goodwill and other                                            6,935                  7,010
                                                                     -------                 ------
         Total assets of discontinued operations                   $  13,807            $    14,009
                                                                      ======                 ======

         Other accrued liabilities                                       505                    414
         Estimated loss on sale                                        4,586                  4,586
                                                                       -----                 ------
         Total liabilities of discontinued operations              $   5,091            $     5,000
                                                                       =====                 ======
</TABLE>

         (1)  The loss from  discontinued  operations for the three months ended
              December 31, 1999 has been provided for in the accrual established
              as of September 30, 1999.

5.       REVOLVING CREDIT FACILITY

         In September  1999, the Company  refinanced its  outstanding  bank loan
         through a new credit facility ("Credit Facility").  The Credit Facility
         provides  for a term  loan  ("Term  Loan")  of $13.0  million,  bearing
         interest at prime rate plus 2.0% or LIBOR plus 3.0% (10.50% at December
         31, 1999) and a revolving line of credit ("Revolver") of $12.0 million,
         bearing  interest  at prime plus  1.75% or LIBOR  plus 2.5%  (10.25% at
         December  31,  1999).  The Term Loan is used to finance  equipment  and
         capital  expenditures  for use in the  Company's  optical  systems  and
         components  business in the United States and Germany.  Such  equipment
         collateralizes  the Term  Loan,  whereas  the  Revolver  is  secured by
         accounts  receivables and inventory.  The borrowings under the Revolver
         are subject to eligible accounts  receivable and inventory.  The Credit
         Facility includes provisions which require the Company to remit the net
         cash proceeds of the LMI sale to the bank.  Therefore,  $5.4 million of
         the $7.6  million  and $5.9  million  outstanding  on the Term  Loan at
         December 31, 1999 and September 30, 1999, respectively,  as well as the
         $1.6  million  and  $1.2  million  outstanding  on the  Revolver  as of
         December 31, 1999 and September 30, 1999,  respectively,  are stated as
         current  liabilities.  The  outstanding  balance of the Term Loan as of
         September  30, 2000 will become  payable in 20  quarterly  installments
         starting  November  1,  2000.  The  carrying  value of this  debt as of
         December  31,  1999  approximated  its fair  market  value.  The Credit
         Facility  contains  certain   covenants  and  requirements   concerning
         financial  ratios  and  other  indebtedness,  as  well  as  limitations
         regarding the payment of dividends in fiscal year 2000.

6.       NONRECURRING CHARGES

         (a)  Impairment of Long-Lived Assets

         For the three months ended  December 31, 1998,  the Company  recorded a
         charge  of $1.8  million  for  costs to reduce  the  carrying  value of
         certain  long-lived  assets to estimated  fair market  value  primarily
         related to land and buildings,  as well as maintenance  and engineering
         equipment at the Company's Sturbridge, Massachusetts facility.

         (b)  Telecommunications Products

         During the three months ended December 31, 1998, the Company terminated
         its telecommunications  business and reduced the workforce. The Company
         suspended all investments for this business and related activities. The
         Company  incurred  operating  losses related to the  telecommunications
         business of $0.4 million for the three months ended December 31, 1998.

7.       COMMITMENTS AND CONTINGENCIES

         The  Company is a  defendant  in four class  action law suits  filed in
         Federal   District  Court  in  the  Commonwealth  of  Massachusetts  by
         stockholders  of  the  Company  alleging   violations  of  the  federal
         securities laws based on alleged  misleading  statements  regarding the
         Company's financial performance and other matters. The Company believes
         these lawsuits are without merit and intends to defend them vigorously.

8.       COMPREHENSIVE INCOME

         Total  comprehensive  income  (loss)  was  ($51)  and $13 for the three
         months ended December 31, 1999 and 1998, respectively.


<PAGE>


Part I.  FINANCIAL INFORMATION

    Item 2.       Management's Discussion And Analysis Of Financial Condition
                  And Results Of Operations

Financial Condition

Revenues for the three month period ended December 31, 1999 of $4.7 million were
22.6% greater than the comparable prior year period. In the most recent quarter,
sales of  approximately  $1.5 million were  included  from the Dense  Wavelength
Division Multiplexing (DWDM) filter business. This was the first ever quarter to
include  results from the DWDM filter business which resulted from the Company's
shift to a  telecommunications  strategy that has been in progress since January
1999. As part of this  strategy,  the Company,  during the fourth quarter ending
September 30, 1999, sold its Scientific Detector and Spectroscopy Products (SDP)
business and announced the sale of the Leisegang Medical, Inc. (LMI) and related
women's health businesses.  The sale of the LMI businesses was closed on January
31, 2000. The disposition of those  businesses have been treated as discontinued
operations and their results are included in the discontinued operations section
of the Statements of Operations.  As the focus was being shifted to the start-up
of its DWDM business at the OFC subsidiary, resources were shifted away from its
historical core business,  which resulted in sales decreases  during the quarter
of approximately 40.0% in that core business.  Also during the quarter, sales at
its Diamond Turning Division increased by 8.0%.

As a result of the DWDM filter  business,  the overall  gross profit  percentage
increased to 51.3% from 30.9% from the prior year due to the higher gross profit
on filter sales as compared to the existing core business.

Research and  Development  (R&D) expenses for the period ended December 31, 1998
included  project costs associated with the Telecom business that was terminated
during the first quarter of fiscal year 1999. That elimination  accounts for the
decrease  in R&D  spending  year-over-year  in  addition  to the  fact  that the
development team has been focused on production rather than research.

Selling and  administrative  expenses were  approximately $1.8 million lower for
the fiscal year 2000 first quarter as the previous year's results  included $0.8
million of one-time  costs  associated  with a reduction in workforce  and other
consolidation costs. The balance of the reduced spending is accounted for by the
subsequent  downsizing,  primarily,  of Corporate  administrative  functions and
lower general Corporate  expenditures  resulting from a smaller and less complex
Corporate   structure.   Also  during  the  quarter  ended  December  31,  1998,
approximately  $1.8 million of asset impairment  costs were incurred  associated
with the  termination  of the Medical  Endoscope  Products  business and certain
portions of its SDP businesses.

Interest  expense for the recent  quarter ended was $71,000 lower than the prior
year as the average  bank  balance  outstanding  decreased  to $9.3 million from
$13.5  million for the prior year.  The borrowing  rates were not  significantly
different between years.  Current borrowings supported the DWDM project spending
and some working capital  requirements  while the previous years' balance almost
entirely supported working capital  shortfalls,  as the Company was experiencing
severe liquidity problems at that time.

For both the current and comparable prior year periods,  the Company's effective
tax rate differs from the statutory rate primarily due to the available tax loss
carry-forwards.  The provision  principally  relates to foreign and state income
taxes.

As  discussed  earlier,  the  disposition  of SDP and LMI are  accounted  for as
discontinued  operations with the results for the periods presented  restated to
reflect that  accounting  treatment.  For the quarter  ended  December 31, 1998,
results from  discontinued  operations  included net incomes of $0.3 million for
SDP and $0.1 million for LMI. For the current period,  LMI incurred a small loss
which was charged to a reserve for discontinued  operations that was established
at September 30, 1999.

Year 2000

As previously  disclosed,  the Company had put into place various  strategies to
address and remedy Year 2000 issues. As of the date of this filing,  the Company
has experienced no Year 2000 related  difficulties and none are expected.  There
were no costs related to remediation  efforts during the first quarter of fiscal
2000.

<PAGE>

Part II.    Other Information


FORWARD-LOOKING STATEMENTS

         This Form 10-Q includes  forward-looking  statements concerning pending
legal proceedings and other aspects of future operations.  These forward-looking
statements  are based on certain  underlying  assumptions  and  expectations  of
management. Certain factors could cause actual results to differ materially from
the  forward-looking  statements  included  in this Form  10-Q.  For  additional
information on those factors which could affect actual results,  please refer to
the Company's Form 10-K for the fiscal year ended September 30, 1999.


    ITEM 1.   LEGAL PROCEEDINGS

         There is one class  action  lawsuit  pending  against  the  Company and
certain of its former officers  alleging  violations of federal  securities laws
which was filed on June 21,  1999.  This  lawsuit  consolidates  and amends four
class action  lawsuits  filed during the first quarter of fiscal year 1999.  The
Company is in the process of  responding  to the  allegations  contained  in the
lawsuit.  As  indicated  previously,  the Company  will  vigorously  defend this
lawsuit and believes that it is without merit.

    ITEM 2.   CHANGES IN SECURITIES AND USE OF PROCEEDS.

         (C)      Sales of Unregistered Securities

         On  September 1, 1999,  the Company  issued a total of 50,000 shares of
common  stock to Fleet  National  Bank,  as Custodian  FBO NetOptix  Corporation
Employee  Pension Plan,  for an aggregate  purchase  price of  $623,437.50.  The
Company issued the shares without  registration under the Securities Act of 1993
(the "Act") in reliance upon the exemption  provided in Section 4(2) of the Act.
This  exemption  was made  available to the Company based on the fact that there
was a single purchaser who made appropriate  investment  representations  to the
Company in connection with the acquisition of the shares.

    ITEM 4.   SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

(a)      The  Annual Meeting of Stockholders began on January 26, 2000 and later
         that  day was  adjourned  until  February  9,  2000,  on which date the
         Annual Meeting of Stockholders was concluded.

(b)      Each  of the  persons  named in the Proxy  Statement  as a nominee  for
         Director was elected.

(c)      Set forth  below are the voting  results on each of the  matters  which
         were submitted to the stockholders:


<TABLE>
<CAPTION>
                                                                     Withheld        Broker
Election of Directors:                   For          Against      or Abstain      Non-Votes
                                         ---          -------      ----------      ---------

<S>                                    <C>                            <C>
Gerhard R. Andlinger                   9,865,054                      540,907
Charles E. Ball                        9,832,255                      573,706
John F. Blais, Jr.                     9,864,755                      541,206
Todd F. Davenport                      9,864,355                      541,606
Robert D. Happ                         8,433,625                    1,972,336
Stephen A. Magida                      9,863,955                      542,006
Paul C. O'Brien                        9,832,554                      573,407
</TABLE>

<TABLE>
<CAPTION>
Resolutions:

<S>               <C>                  <C>            <C>             <C>          <C>
   To approve the 1999                 6,963,285      529,479         147,690      2,765,507
   Stock Option Plan

   To approve the 1999                 7,308,411      281,970         163,468      2,652,112
   Stock Option Plan for
   Non-Employee Directors

   To approve an increase in the       9,518,246      871,505         16,210
   number of authorized shares of
   Common Stock to 100,000,000

   To approve the authorization of     6,913,131      679,947          47,376      2,765,507
   2,000,000 shares of a new class
   of undesignated preferred stock

   To approve the deletion of an       7,789,470      147,113
   Article from the Certificate of
   Incorporation which required
   the approval of 66 2/3% of the
   outstanding shares to approve
   certain transactions
</TABLE>

         Additional  information  regarding  the matters  referred to under this
Item 4 is set forth in the Proxy  Statement  dated December 30, 1999  previously
filed with the Commission and incorporated herein by reference.

    ITEM 6.       EXHIBITS AND REPORTS ON FORM 8-K

         a.       Exhibits:

                  3        Amended and Restatd Bylaws of the Company, as amended
                           on January 26, 2000

                  27.1     Financial Data Schedule (EDGAR filing only).

                  27.2     Financial Data Schedule (EDGAR filing only)

         b.       Reports on Form 8-K

         1.                Current  Report on Form 8-K dated  September 30, 1999
                           and  filed  on  October  21,  1999,  with  two  press
                           releases dated September 30, 1999 and October 4, 1999
                           and  a  Loan  and  Security  Agreement  dated  as  of
                           September  30, 1999  attached  as  exhibits  thereto,
                           regarding  (i) the  Company's  change  of its name to
                           NetOptix  Corporation  effective  September 30, 1999;
                           and (ii) the Company's completion of arrangements for
                           a debt  financing  package  totaling $25 million with
                           Deutsch Financial Services Corporation.

         2.                Current  Report on Form 8-K dated  November  18, 1999
                           and filed on November 22, 1999,  with a press release
                           dated  November  18,  1999  attached  as  an  exhibit
                           thereto,  regarding the setting of the Company's 2000
                           Annual Meeting of  Stockholders  for January 26, 2000
                           and the record date for determining the  stockholders
                           allowed to vote at such  Annual  Meeting at  November
                           30, 1999.

         3.                Current  Report on Form 8-K/A dated November 17, 1999
                           and filed on December 10, 1999,  with a press release
                           dated   December  8,  1999  attached  as  an  exhibit
                           thereto,  regarding the change in the record date for
                           the  Company's  2000 Annual  Meeting of  Stockholders
                           from November 30, 1999 to December 8, 1999.

         4.                Current  Report on Form 8-K dated  December  14, 1999
                           and  filed on  December  16,  1999,  with  two  press
                           releases,  each dated December 14, 1999,  attached as
                           exhibits   thereto,   regarding   (i)  the  Company's
                           reported  financial  results  for its fourth  quarter
                           ended  September  30,  1999 and for the  fiscal  year
                           ended   September   30,  1999   (including   attached
                           consolidated condensed balance sheets as of September
                           30,  1998  and 1999 and  consolidated  statements  of
                           operations  for  the  three-month  and   twelve-month
                           periods ended September 30, 1998 and 1999),  and (ii)
                           the  Company's  agreement to sell its women's  health
                           businesses and related assets to CooperSurgical, Inc.

                                   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.


                                       NETOPTIX CORPORATION

Dated:  February 11, 2000              /s/ Gerhard R. Andlinger
                                       -----------------------------------------

                                           Gerhard R. Andlinger, Chairman of the
                                           Board  and  Chief  Executive  Officer
                                           (Principal Executive Officer)

                                       /s/ Thomas J. Mathews
                                       -----------------------------------------

                                           Thomas J.  Mathews,  Vice  President,
                                           Finance,  Chief Financial Officer and
                                           Assistant    Secretary     (Principal
                                           Financial and Accounting Officer)


<PAGE>


                              NETOPTIX CORPORATION
                                INDEX TO EXHIBITS

Exhibit No.
-----------

     3        Amended and Restated Bylaws of the Company,
              as amended on January 26, 2000.


   27.1       Financial Data Schedule

   27.2       Financial Data Schedule