<PAGE>   1



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


                                    FORM 10-Q

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

For the quarterly period ended June 30, 2001


Commission file number  000-23213

                             YOUNG INNOVATIONS, INC.
             (Exact name of registrant as specified in its charter)

                  Missouri                                       43-1718931
(State or other jurisdiction of incorporation                 (I.R.S. Employer
               or organization)                              Identification No.)


             13705 Shoreline Court East, Earth City, Missouri 63045
                    (Address of principal executive offices)
                                   (Zip Code)

                                 (314) 344-0010
              (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........


Number of shares outstanding of the Registrant's Common Stock at July 31, 2001:
                  6,539,543 shares of Common Stock, par value $.01 per share




                                       1
<PAGE>   2






                                     PART I
                              FINANCIAL INFORMATION

Item 1. Financial Statements.

                             YOUNG INNOVATIONS, INC.
                           CONSOLIDATED BALANCE SHEETS
                  (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)


<TABLE>
<CAPTION>
                                                                                                         JUNE 30,       DECEMBER 31,
                                                                                                           2001             2000
                                                                                                         --------         --------
                                                                                                       (unaudited)
                                             ASSETS
<S>                                                                                                     <C>             <C>
Current assets:
  Cash and cash equivalents ....................................................................         $    236         $   --
  Trade accounts  receivable,  net of allowance for doubtful accounts of $465
     and $220 in 2001 and 2000, respectively ...................................................            9,850            9,322
  Inventories ..................................................................................            7,991            6,144
  Other current assets .........................................................................            2,066            1,498
                                                                                                         --------         --------
     Total current assets ......................................................................           20,143           16,964
                                                                                                         --------         --------
Property, plant and equipment, net .............................................................           18,726           13,256
                                                                                                         --------         --------
Other assets ...................................................................................            1,708            1,972
                                                                                                         --------         --------
Intangible assets ..............................................................................           44,794           37,400
                                                                                                         --------         --------
     Total assets ..............................................................................         $ 85,371         $ 69,592
                                                                                                         ========         ========

                              LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Current maturities of long-term debt .........................................................         $  1,368         $    308
  Accounts payable and accrued liabilities .....................................................            7,045            5,078
                                                                                                         --------         --------
     Total current liabilities .................................................................            8,413            5,386
                                                                                                         --------         --------
Deferred income taxes ..........................................................................            3,516            3,485
                                                                                                                          --------
Long-term debt, less current maturities ........................................................            8,410              284
                                                                                                         --------         --------

Stockholders' equity:
  Common stock, voting, $.01 par value, 25,000,000 shares authorized,
     6,539,043 and 6,504,596 shares issued and outstanding in 2001 and
     2000, respectively ........................................................................               65               65
  Additional paid-in capital ...................................................................           26,160           26,093
  Retained earnings ............................................................................           42,050           37,816
  Common stock in  treasury, at cost, 273,667 and 308,114 shares in 2001 and
     2000, respectively ........................................................................           (3,243)          (3,537)
                                                                                                         --------         --------
     Total stockholders' equity ................................................................           65,032           60,437
                                                                                                         --------         --------
     Total liabilities and stockholders' equity ................................................         $ 85,371         $ 69,592
                                                                                                         ========         ========
</TABLE>


The accompanying notes are an integral part of these statements.




                                       2
<PAGE>   3


                             YOUNG INNOVATIONS, INC.
                        CONSOLIDATED STATEMENTS OF INCOME
                  (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
                                   (UNAUDITED)



<TABLE>
<CAPTION>
                                                               THREE MONTHS ENDED                 SIX MONTHS ENDED
                                                                    JUNE 30,                           JUNE 30,
                                                           2001               2000            2001               2000
                                                       -------------      -------------    ------------       ------------
<S>                                                    <C>                <C>              <C>                <C>
Net sales                                                   $15,022            $11,860         $28,951            $22,051
    Cost of goods sold                                        7,087              5,397          13,903              9,834
                                                       -------------      -------------    ------------       ------------
Gross profit                                                  7,935              6,463          15,048             12,217
    Selling, general and administrative expenses              4,237              3,185           8,195              6,046
                                                       -------------      -------------    ------------       ------------
Income from operations                                        3,698              3,278           6,853              6,171
                                                       -------------      -------------    ------------       ------------
    Other expense (income), net                                   9                 54             (32)                65
                                                       -------------      -------------    ------------       ------------
Income before provision for income taxes                      3,689              3,224           6,885              6,106
    Provision for income taxes                                1,420              1,257           2,650              2,382
                                                       -------------      -------------    ------------       ------------
Net income                                                   $2,269             $1,967          $4,235             $3,724
                                                       =============      =============    ============       ============

Basic earnings per share                                      $0.35              $0.30           $0.65              $0.57
                                                       =============      =============    ============       ============

Diluted earnings per share                                    $0.34              $0.30           $0.64              $0.57
                                                       =============      =============    ============       ============

Basic weighted average shares outstanding                     6,534              6,498           6,524              6,500
                                                       =============      =============    ============       ============

Diluted weighted average shares outstanding                   6,684              6,593           6,668              6,574
                                                       =============      =============    ============       ============
</TABLE>


The accompanying notes are an integral part of these statements.



                                       3
<PAGE>   4


                             YOUNG INNOVATIONS, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (DOLLARS IN THOUSANDS)
                                   (UNAUDITED)

<TABLE>
<CAPTION>
                                                                                        SIX MONTHS ENDED
                                                                                            JUNE 30,
                                                                                   2001                 2000
                                                                                 --------              -------
<S>                                                                              <C>                   <C>
Cash flows from operating activities:
  Net Income                                                                     $  4,235              $ 3,724
                                                                                 --------              -------
    Adjustments to reconcile net income to cash flows from
       operating activities --
    Depreciation and amortization                                                   1,450                1,250
    Deferred Income Taxes                                                            (155)                --
    Gain on sale of property, plant and equipment                                    --                    (24)
    Changes in assets and liabilities --
        Trade accounts receivable                                                     823               (1,050)
        Inventories                                                                  (889)                (229)
        Other current assets                                                         (294)                 231
        Other assets                                                                  258                  175
        Accounts payable and accrued liabilities                                      260               (1,471)
                                                                                 --------              -------
             Total adjustments                                                      1,453               (1,118)
                                                                                 --------              -------
             Net cash flows from operating activities                               5,688                2,606
                                                                                 --------              -------

Cash flows from investing activities:
   Payments for acquisitions, net of cash acquired                                 (9,091)              (6,941)
   Purchases of property, plant and equipment                                      (5,907)                (949)
   Proceeds from sale of property, plant and equipment                               --                     36
                                                                                 --------              -------
             Net cash flows from investing activities                             (14,998)              (7,854)
                                                                                 --------              -------

Cash flows from financing activities:
   Borrowings of long-term debt                                                     9,610                4,500
   Payments on long- term debt                                                       (424)              (1,674)
   Proceeds from stock options exercised                                              360                   15
   Purchases of treasury stock                                                       --                   (104)
                                                                                 --------              -------
           Net cash flows from financing activities                                 9,546                2,737
                                                                                 --------              -------

Net increase in cash and cash equivalents                                             236               (2,511)
Cash and cash equivalents, beginning of period                                       --                  2,511
                                                                                 --------              -------
Cash and cash equivalents, end of period                                         $    236              $  --
                                                                                 ========              =======
</TABLE>

The accompanying notes are an integral part of these statements





                                       4
<PAGE>   5



                             YOUNG INNOVATIONS, INC.
              NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
                                  JUNE 30, 2001
                             (DOLLARS IN THOUSANDS)

GENERAL:

     This report includes information in a condensed format and should be read
in conjunction with the audited consolidated financial statements and the
footnotes included in the Company's 2000 Annual Report on Form 10-K. The results
of operations for the six months ended June 30, 2001 are not necessarily
indicative of the results expected for the full year or any other interim
period.

     The accompanying consolidated financial statements have been prepared in
conformity with generally accepted accounting principles for interim financial
information and with the instructions for Form 10-Q and Article 10 of Regulation
S-X. Accordingly, certain information and footnote disclosures normally included
in financial statements prepared in accordance with generally accepted
accounting principles have been condensed, or omitted, pursuant to the rules of
the Securities and Exchange Commission. In our opinion, the statements include
all adjustments necessary (which are of a normal recurring nature) for the fair
presentation on the results of the interim periods presented.

     The balance sheet at December 31, 2000 has been derived from the audited
financial statements at that date but does not include all of the information
and footnotes required by generally accepted accounting principles for complete
financial statements.

1. DESCRIPTION OF BUSINESS:

     Young Innovations, Inc. (the Company) develops, manufactures and markets
supplies and equipment for the professional and retail dental markets. The
Company's product offering includes disposable and metal prophy angles, cups,
brushes, panoramic x-ray machines, handpieces, orthodontic toothbrushes,
flavored gloves, children's toothbrushes, children's toothpastes, and infection
control products. The Company's manufacturing and distribution facilities are
located in Missouri, California, Colorado, Indiana and Texas.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

PRINCIPLES OF CONSOLIDATION

     The consolidated financial statements include the accounts of Young
Innovations, Inc. formed in July 1995 and its direct and indirect wholly owned
subsidiaries, Young Dental Manufacturing I, LLC. (Young Dental, formerly Young
Dental Manufacturing Company), The Lorvic Corporation (Lorvic), Denticator
International, Inc. (Denticator), Young Acquisitions Company and Panoramic
Rental Corp. (collectively, Panoramic), Athena Technology, LLC. (Athena,
formerly Athena Technology, Inc.), Young PS Acquisitions, LLC (Plak Smacker),
and Young Colorado, LLC (Biotrol/Challenge). Plak Smacker is included since its
acquisition on June 13, 2000. Biotrol/Challenge is included since its
acquisition on June 12, 2001. All significant inter-company accounts and
transactions are eliminated in consolidation.

3.  ACQUISITIONS:

     On June 12, 2001 the Company acquired substantially all of the assets and
assumed a portion of the liabilities of Biotrol/Challenge. The Company paid
$9,091 in cash. The acquisition was principally financed with borrowings on the
Company's credit facilities and through cash flows from operations. The
acquisition was accounted for as a purchase transaction. The preliminary
purchase price was allocated based upon estimates of fair value of assets and
liabilities, which is subject to adjustment upon obtaining complete valuation
information. Management believes that finalization of the purchase price
allocation will not have a material impact on the consolidated results of
operations or financial position of the company. This excess of purchase price
(as preliminarily allocated) over the estimated fair value of net assets
acquired (goodwill) was $7,874 and is being amortized over 40 years. The results
of operations for Biotrol/Challenge are included in the consolidated financial
statements since June 12, 2001.



                                       5
<PAGE>   6



     On June 13, 2000 the Company acquired substantially all of the assets and
assumed a portion of the liabilities of Plak Smacker. The Company paid $7,053 in
cash. The acquisition was principally financed with borrowings on the Company's
credit facilities and through cash flows from operations. The acquisition was
accounted for as a purchase transaction. The purchase price was allocated based
upon estimates of fair value of assets and liabilities. This excess of purchase
price over the estimated fair value of net assets acquired (goodwill) was $6,211
and is being amortized over 30 years. The results of operations for Plak Smacker
are included in the consolidated financial statements since June 13, 2000.


4.  SEGMENT INFORMATION:

Segment information has been prepared in accordance with Statement of Financial
Accounting Standards (SFAS) No. 131, "Disclosures about Segments of an
Enterprise and Related Information." With the acquisition of Plak Smacker in
June 2000, the Company has two operating segments according to SFAS No. 131:
professional and retail. The professional segment sells products to dentists and
dental hygienists. The retail segment sells products to retail customers through
mass merchandisers. The Company believes it is appropriate to aggregate business
units into the segments presented below. This aggregation is due to similarities
in economic characteristics, customers, the nature of the products and the
nature of the production processes.

The following tables present certain financial information about the Company's
two business segments:

<TABLE>
<CAPTION>
                                             Three Months Ended                                   Six Months Ended
                                               June 30, 2001                                       June 30, 2001
                               -----------------------------------------------       -------------------------------------------
                                 Professional       Retail      Consolidated         Professional      Retail     Consolidated
                                 ------------       ------      ------------         ------------      ------     ------------
<S>                              <C>                <C>         <C>                  <C>               <C>        <C>
Net sales .....................    $13,770          $1,252         $15,022             $26,490         $2,461        $28,951
Income from operations ........    $ 3,591          $  107         $ 3,698             $ 6,667         $  186        $ 6,853
</TABLE>



<TABLE>
<CAPTION>
                                             Three Months Ended                                   Six Months Ended
                                               June 30, 2000                                       June 30, 2000
                               -----------------------------------------------       -------------------------------------------
                                 Professional       Retail      Consolidated         Professional      Retail     Consolidated
                                 ------------       ------      ------------         ------------      ------     ------------
<S>                              <C>                <C>         <C>                  <C>               <C>        <C>
Net sales....................      $ 11,639         $  221         $ 11,860             $ 21,830       $  221         $22,051
Income from operations.......      $  3,266         $   12         $  3,278             $  6,159       $   12         $ 6,171
</TABLE>


5. INVENTORIES:

    Inventories consist of the following:

<TABLE>
<CAPTION>
                                                                            JUNE 30,      DECEMBER 31,
                                                                              2001            2000
                                                                            --------      -----------
<S>                                                                          <C>            <C>
              Finished products......................................        $ 4,224        $ 3,708
              Work in process........................................          1,857          1,569
              Raw materials and supplies.............................          1,910            867
                                                                             -------        -------
                   Total inventories.................................        $ 7,991        $ 6,144
                                                                             =======        =======
</TABLE>






                                       6
<PAGE>   7


6.  PROPERTY, PLANT AND EQUIPMENT:

Property, plant and equipment consist of the following:

<TABLE>
<CAPTION>
                                                                                      JUNE 30,       DECEMBER 31,
                                                                                        2001             2000
                                                                                        ----             ----
<S>                                                                                 <C>            <C>
         Land.................................................................      $   1,086      $      508
         Buildings and improvements...........................................          7,337           4,068
         Machinery and equipment..............................................         14,787          12,427
         Equipment rented to others...........................................          5,160           4,966
         Construction in progress.............................................            380             552
                                                                                     --------        --------
                                                                                       28,750          22,521

         Less- Accumulated depreciation.......................................        (10,024)         (9,265)
                                                                                     --------        --------
                    Total property, plant and equipment, net..................       $ 18,726        $ 13,256
                                                                                     ========        ========
</TABLE>


7. CREDIT ARRANGEMENTS AND NOTES PAYABLE:

    The Company has a credit arrangement that provides for a three-year,
unsecured revolving credit facility with an aggregate commitment of $20 million.
Borrowings under the arrangement bear interest at rates ranging from LIBOR +1%
to Prime. Administrative fees for this arrangement are based on .15% of the
unused balance. The agreement is unsecured and contains various financial and
other covenants.

Long-term debt was as follows:

<TABLE>
<CAPTION>
                                                                                      JUNE 30,       DECEMBER 31,
                                                                                        2001             2000
                                                                                        ----             ----
<S>                                                                                 <C>              <C>
         Revolving credit facility due 2004
             with an average interest rate of
             5.85% at June 30, 2001                                                 $   9,402          $  130
         Capital Lease Obligations                                                        376             462
                                                                                          ---             ---
                                                                                        9,778             592

         Less-current portion                                                           1,368             308
                                                                                      -------          ------
                                                                                      $ 8,410          $  284
                                                                                      =======          ======
</TABLE>


8.   COMMON STOCK:

During the first six months of 2001, the Company reissued 34,447 shares in
conjunction with stock option exercises for $360.

9.   COMMITMENTS AND CONTINGENCIES:

The Company and its subsidiaries are from time to time parties to various legal
proceedings arising out of their businesses. Management believes that none of
these proceedings will have a material adverse effect on the Company's
financial position, results of operations and liquidity.



                                       7
<PAGE>   8



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

RESULTS OF OPERATIONS

THREE MONTHS ENDED JUNE 30, 2001 COMPARED TO THREE MONTHS ENDED JUNE 30, 2000

NET SALES

         Net sales increased $3.1 million, or 26.7%, to $15.0 million in the
second quarter of 2001 from $11.9 million in the second quarter of 2000. The
increase was primarily a result of the addition of a full quarter of Plak
Smacker sales and partial inclusion of Biotrol/Challenge sales in the second
quarter of 2001. Plak Smacker was acquired on June 13, 2000. Biotrol/Challenge
was acquired on June 12, 2001.

GROSS PROFIT

         Gross profit increased $1.4 million or 22.8%, to $7.9 million in the
second quarter of 2001 from $6.5 million in the second quarter of 2000. Gross
profit benefited from the acquisitions of Plak Smacker and Biotrol/Challenge and
from strong sales in the base business. Gross margin decreased to 52.8% of net
sales in the second quarter of 2001 from 54.5% in the second quarter of 2000.
The decrease was primarily a result of the inclusion of a full quarter of sales
at Plak Smacker, which typically carry lower gross margins.

SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES

         SG&A expenses increased $1.0 million or 33.0% to $4.2 million in the
second quarter of 2001 from $3.2 million in the second quarter of 2000. The
increase was primarily the result of the inclusion of a full quarter of Plak
Smacker and a partial quarter of Biotrol/Challenge. As a percent of net sales,
SG&A expenses increased to 28.2% in 2001 from 26.9% in 2000.

INCOME FROM OPERATIONS

         Income from operations increased $420,000 or 12.8%, to $3.7 million in
the second quarter of 2001 from $3.3 million in the second quarter of 2000. The
increase was a result of the items explained above.

OTHER EXPENSE

         Other expense decreased $45,000 to $9,000 in the second quarter of 2001
from $54,000 in the second quarter of 2000. The decrease was primarily
attributable to the Company's portion of the loss from investment in IAI being
lower than in the year earlier period.

PROVISION FOR INCOME TAXES

         Provision for income taxes increased $163,000 for the second quarter of
2001 to $1.4 million from $1.3 million in the second quarter of 2000.


SIX MONTHS ENDED JUNE 30, 2001 COMPARED TO SIX MONTHS ENDED JUNE 30, 2000

NET SALES

         Net sales increased $6.9 million, or 31.3%, to $29.0 million for the
first six months of 2001 from $22.1 million for the first six months of 2000.
The increase was primarily a result of the addition of a full period of Plak
Smacker sales and partial inclusion of Biotrol/Challenge sales in the first six
months of 2001 as well as growth in some of the base business products. Plak
Smacker was acquired on June 13, 2000. Biotrol/Challenge was acquired on June
12, 2001.



                                       8
<PAGE>   9


GROSS PROFIT

         Gross profit increased $2.8 million or 23.2%, to $15.0 million for the
first six months of 2001 from $12.2 million for the first six months of 2000.
Gross profit benefited from the acquisitions of Biotrol/Challenge and Plak
Smacker and through strong sales in the other base businesses. Gross margin
decreased to 52.0% of net sales for the first six months of 2001 from 55.4% of
net sales for the comparable period in 2000. The decrease was primarily a result
of the inclusion of sales of Plak Smacker products, which typically carry lower
gross margins.

SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES

         SG&A expenses increased $2.2 million, or 35.5%, to $8.2 million for the
first six months of 2001 from $6.0 million for the first six months of 2000. The
increase in SG&A expenses is primarily attributable to the inclusion of
Biotrol/Challenge and Plaksmacker. As a percent of net sales, SG&A expenses
increased to 28.3% in 2001 from 27.4% in 2000.

INCOME FROM OPERATIONS

         Income from operations increased $682,000 or 11.1%, to $6.9 million for
the first six months of 2001 from $6.2 million for the first six months of 2000.
The increase is a result of the items explained above.

OTHER EXPENSE (INCOME)

                  Other expense (income) decreased $97,000 to ($32,000) for the
first six months of 2001 from $65,000 for the comparable period in 2000. The
decrease was primarily attributable to the Company's portion of the loss from
investment in IAI being lower than in the year earlier period.

PROVISION FOR INCOME TAXES

         Provision for income taxes increased $268,000 in 2001 to $2.7 million
from $2.4 million in 2000.

LIQUIDITY AND CAPITAL RESOURCES

     On June 12, 2001, the Company acquired substantially all of the assets of
Biotrol/Challenge for approximately $9.1 million in cash. The purchase price was
principally financed with borrowings on the Company's credit facilities and with
cash flows from operations.

    On June 13, 2000, the Company acquired substantially all of the assets of
Plak Smacker for approximately $7.1 million in cash. The purchase price was
principally financed with borrowings on the Company's credit facilities and with
cash flows from operations.

     Historically, the Company has financed its operations primarily through
cash flow from operating activities and, to a lesser extent, through borrowings
under its credit facilities. Net cash flows from operating activities were $5.7
million and $2.6 million for the first six months of 2001 and 2000,
respectively. Capital expenditures for property, plant and equipment were $5.9
million and $949,000 for the first six months of 2001 and 2000, respectively.
During the first six months of 2001, the Company spent $3.2 million for
additional land and buildings at its Earth City, MO and its Ft. Wayne, IN
locations as well as approximately $2.0 million of machinery and equipment to
update various manufacturing operations. Consistent with the Company's
historical capital expenditures, future capital expenditures are expected to
include building improvements, the purchase of panoramic X-ray machines for
rental, injection molding equipment and upgrades to production machinery and to
the Company's information systems.

     In March 2001, the Company entered into a three year $20 million credit
arrangement at an interest rate of LIBOR + 1%. Administrative fees for this
arrangement are based on .15% of the unused balance. During the second quarter
of 2001, the Company borrowed $8.2 million on this arrangement for the purchase
of Biotrol/Challenge. In addition, with this arrangement, the Company also has
a swingline of which $1.2 million was outstanding at June 30, 2001. At June 30,
2001, the Company had $10.6 million available for borrowing under this
arrangement. The agreement is unsecured and contains various financial and
other covenants. The credit arrangement will be used primarily to fund future
acquisitions and may be used for working capital, capital expenditures as well
as other corporate needs. The Company also has available a $1.7 million dollar
revolving line of credit of which $1.2 million was outstanding at June 30,
2001.



                                       9
<PAGE>   10


NEW ACCOUNTING STANDARDS

     In July 2001, the Financial Accounting Standards Board adopted SFAS No. 141
"Business Combinations" and No. 142, "Goodwill and Intangible Assets." SFAS No.
141 requires all business combinations initiated after June 30, 2001 to be
accounted for using the purchase method of accounting. SFAS No. 141 is required
to be implemented for all acquisitions initiated after June 30, 2001 and all
business combinations accounted for using the purchase method for which the date
of acquisition is July 1, 2001 or later. Adoption of SFAS No. 141 will not
impact the consolidated financial statements of the Company.

     Under SFAS No. 142, goodwill is no longer subject to amortization over its
useful life; rather, it is subject to at least annual assessments of impairment.
Also, under SFAS No. 142, an intangible asset should be recognized if the
benefit of the intangible is obtained through contractual or other legal rights
or if the intangible asset can be sold, transferred, licensed, rented or
exchanged. Such intangibles will be amortized over their useful lives. Certain
intangibles have indefinite useful lives and will not be amortized. SFAS No. 142
will be implemented by the Company on January 1, 2002. All goodwill and
intangible assets acquired after June 30, 2001 will be immediately subject to
the provisions of SFAS No. 142. The Company is currently in the process of
assessing the future impact of adoption of SFAS No. 142.

FORWARD-LOOKING STATEMENTS

     Investors are cautioned that this report as well as other reports and oral
statements by Company officials may contain certain forward-looking statements
as defined in the Private Securities Litigation and Reform Act of 1995.
Forward-looking statements include statements which are predictive in nature,
which depend upon or refer to future events or conditions and which include
words such as "expects", "anticipates", "intends", "plans", "believes",
"estimates" or similar expressions. These statements are not guaranties of
future performance and the Company makes no commitment to update or disclose any
revisions to forward-looking statements, or any facts, events or circumstances
after the date hereof that may bear upon forward-looking statements. Because
such statements involve risks and uncertainties, actual actions and strategies
and the timing and expected results thereof may differ materially from those
expressed or implied by such forward-looking statements. These risks and
uncertainties include, but are not limited to, those disclosed in the Company's
Annual Report on Form10-K for the year ended December 31, 2000 and other reports
filed with the Securities and Exchange Commission.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

     The Company is exposed to market risk related to changes in interest rates.
The value of financial instruments is subject to change as a result of movements
in market rates and prices. Sensitivity analysis is one technique used to
evaluate these impacts. Based upon a hypothetical 10% change in interest rates,
the potential losses in future earnings, fair value and cash flows are not
material.




                                       10
<PAGE>   11



                                     PART II
                                OTHER INFORMATION


Item 1.         Legal Proceedings

                On May 24, 2001, Sultan Dental Products, Ltd. ("Sultan") filed a
                complaint in the United States District Court for the Southern
                District of New York asserting that the Young brand disposable
                prophy angle infringes a patent that is exclusively licensed to
                Sultan. The complaint seeks a permanent injunction and
                unspecified damages. The Company has filed a motion to dismiss
                the complaint or in the alternative transfer the case to the
                United States District Court for the Eastern District of
                Missouri. While this matter is in its early stages, the Company
                believes it has meritorious defenses to such claims and intends
                to vigorously defend this matter.

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

(a)               A regular Annual Meeting of Shareholders was held on May 15,
                  2001.

(b)               The following directors were elected at the Annual Meeting.

                  George E. Richmond, Alfred E. Brennan, Arthur L. Herbst, Jr.,
                  Richard G. Richmond, Richard P. Conerly, Craig E. LaBarge,
                  Connie H. Drisko, DDS, James R. O'Brien and Brian F. Bremer.

(c)               1. The voting at the Annual Meeting of Shareholders for the
                  election of directors was as follows:

<TABLE>
<CAPTION>
                  Nominees                             For                Withheld
                  --------                             ---                --------
<S>                                                    <C>                <C>
                  Brian F. Bremer                      5,656,073           4,978
                  Alfred E. Brennan                    5,635,873          25,178
                  Richard P. Conerly                   5,656,103           4,948
                  Connie H. Drisko, DDS                5,656,073           4,978
                  Arthur L. Herbst, Jr.                5,633,973          27,078
                  Craig E. LaBarge                     5,656,073           4,978
                  James R. O'Brien                     5,656,173           4,878
                  George E. Richmond                   5,633,873          27,178
                  Richard G. Richmond                  5,656,073           4,978
</TABLE>

                  2. The shareholders ratified the selection of Arthur Andersen
                  LLP as independent accountants of the Company for 2001. The
                  voting at the Annual Meeting of Shareholders for the approval
                  of Arthur Andersen LLP as independent accountants of the
                  Company for 2001 was as follows:

<TABLE>
<CAPTION>
                  For                  Against            Abstain
                  ---                  -------            -------
<S>                                    <C>                <C>
                  5,656,351            3,700              1,000
</TABLE>

                  3. The shareholders approved the Company's Amended and
                  Restated Stock Option Plan to provide for restricted stock
                  awards and to increase the number of shares available to be
                  granted under the Plan by 500,000. The voting at the Annual
                  Meeting of Shareholders for the approval of the Company's
                  Amended and Restated Stock Option Plan was as follows:

<TABLE>
<CAPTION>
                  For                  Against            Abstain       Broker Non-Votes
                  ---                  -------            -------       ----------------
<S>                                    <C>                <C>           <C>
                  4,845,776            42,872             432,300       340,103
</TABLE>




                                       11
<PAGE>   12


Item 6.           Exhibits and Reports on Form 8-K

(a)               Exhibits.

                  Number       Description

                  4.1          Credit Facilities Agreement among Bank of
                               America, N.A., the other lenders listed therein
                               and the Company dated March 20, 2001 (the "Credit
                               Facilities Agreement")

                  4.2          Amendment No.1 to the Credit Facilities Agreement
                               dated April 20, 2001
(b)               Reports on Form 8-K.

                  On June 25, 2001 the Company filed a Form 8-K. Under item 5,
                  the Company reported that it had acquired substantially all of
                  the assets of Biotrol, Inc. and Challenge Products, Inc., each
                  of which is a wholly-owned subsidiary of Pro-Dex, Inc. on June
                  12, 2001.

                                    SIGNATURE

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.

                                   YOUNG INNOVATIONS, INC.

August 14, 2001                    /s/  Arthur L. Herbst, Jr.
-------------------                ---------------------------------------------
Date                               Arthur L. Herbst, Jr.
                                   Executive Vice President Strategic Planning &
                                   Chief Financial Officer


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