SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549
                   -------------------------------------------
                                    FORM 10-Q

    (mark one)

    [ X ] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
          Exchange Act of 1934 for the Quarter Ended April 4, 1998.

    [   ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
          Exchange Act of 1934.

                         Commission File Number 1-11757


                            THERMO VISION CORPORATION
             (Exact name of Registrant as specified in its charter)

    Delaware                                                       04-3296594
    (State or other jurisdiction of                          (I.R.S. Employer
    incorporation or organization)                        Identification No.)

    8E Forge Parkway
    Franklin, Massachusetts                                             02038
    (Address of principal executive offices)                       (Zip Code)


       Registrant's telephone number, including area code: (781) 622-1000

           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 May 1, 1998
         ----------------------------        --------------------------
         Common Stock, $.01 par value                 8,048,276
PAGE
<PAGE>
    PART I - FINANCIAL INFORMATION

    Item 1 - Financial Statements
    -----------------------------

                            THERMO VISION CORPORATION

                           Consolidated Balance Sheet
                                   (Unaudited)

                                     Assets


                                                     April 4,    January 3,
    (In thousands)                                       1998          1998
    ------------------------------------------------------------------------
    Current Assets:
      Cash and cash equivalents (includes $8,365
        and $9,410 under repurchase agreement with
        affiliated company)                           $ 9,377       $ 9,604
      Accounts receivable, less allowances of
        $398 and $430                                   6,732         6,935
      Inventories:
        Raw materials and supplies                      5,897         5,637
        Work in progress                                  830           967
        Finished goods                                  1,990         1,697
      Prepaid expenses                                  1,123           971
      Prepaid income taxes                              1,410         1,405
                                                      -------       -------
                                                       27,359        27,216
                                                      -------       -------
    Property, Plant, and Equipment, at Cost             8,343         7,196
      Less: Accumulated depreciation and amortization   2,709         2,439
                                                      -------       -------
                                                        5,634         4,757
                                                      -------       -------
    Other Assets                                          644           584
                                                      -------       -------
    Cost in Excess of Net Assets of Acquired 
      Companies                                        14,755        14,844
                                                      -------       -------
                                                      $48,392       $47,401
                                                      =======       =======

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<PAGE>
                            THERMO VISION CORPORATION

                     Consolidated Balance Sheet (continued)
                                   (Unaudited)

                    Liabilities and Shareholders' Investment


                                                     April 4,    January 3,
    (In thousands except share amounts)                  1998          1998
    ------------------------------------------------------------------------
    Current Liabilities:
      Note payable and capital lease obligation       $   919       $ 1,143
      Accounts payable                                  3,706         3,671
      Accrued payroll and employee benefits               773           905
      Accrued income taxes                                515            81
      Accrued acquisition expenses                        335           510
      Other accrued expenses                            1,080         1,090
      Due to Thermo Electron and affiliated companies     654           177
                                                      -------       -------
                                                        7,982         7,577
                                                      -------       -------
    Deferred Income Taxes                                  22            22
                                                      -------       -------
    Long-term Obligations, Due to Thermo Electron
      and Thermo Optek                                  7,747         7,747
                                                      -------       -------
    Shareholders' Investment:
      Common stock, $.01 par value, 20,000,000
        shares authorized; 8,048,276 shares issued
        and outstanding                                    80            80
      Capital in excess of par value                   28,023        28,144
      Retained earnings                                 4,474         3,785
      Accumulated other comprehensive income (Note 3)      64            46
                                                      -------       -------
                                                       32,641        32,055
                                                      -------       -------
                                                      $48,392       $47,401
                                                      =======       =======


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





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                            THERMO VISION CORPORATION

                        Consolidated Statement of Income
                                   (Unaudited)


                                                       Three Months Ended
                                                      --------------------
                                                     April 4,   March 29,
    (In thousands except per share amounts)              1998        1997
    ----------------------------------------------------------------------
    Revenues                                          $10,529     $ 8,585
                                                      -------     -------
    Costs and Operating Expenses:
      Cost of revenues                                  5,985       4,826
      Selling, general, and administrative expenses     2,312       1,927
      Research and development expenses                 1,035         902
                                                      -------     -------
                                                        9,332       7,655
                                                      -------     -------
    Operating Income                                    1,197         930

    Interest Income                                       124           -
    Interest Expense                                     (133)        (32)
                                                      -------     -------
    Income Before Provision for Income Taxes            1,188         898
    Provision for Income Taxes                            499         370
                                                      -------     -------
    Net Income                                        $   689     $   528
                                                      =======     =======
    Basic and Diluted Earnings per Share (Note 2)     $   .09     $   .08
                                                      =======     =======
    Basic and Diluted Weighted Average Shares
      (Note 2)                                          8,048       6,909
                                                      =======     =======


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



                                        4PAGE
<PAGE>
                            THERMO VISION CORPORATION

                      Consolidated Statement of Cash Flows
                                   (Unaudited)


                                                        Three Months Ended
                                                      ----------------------
                                                     April 4,      March 29,
    (In thousands)                                       1998           1997
    ------------------------------------------------------------------------
    Operating Activities:
      Net income                                      $   689        $   528
      Adjustments to reconcile net income to net
        cash provided by operating activities:
          Depreciation and amortization                   362            328
          Provision for losses on accounts
            receivable                                     14              2
          Changes in current accounts, excluding
            the effects of acquisition:
              Accounts receivable                         197           (499)
              Inventories                                (401)            71
              Other current assets                       (157)          (104)
              Accounts payable                             28            195
              Other current liabilities                   592           (101)
                                                      -------        -------
    Net cash provided by operating activities           1,324            420
                                                      -------        -------
    Investing Activities:
      Acquisition, net of cash acquired                     -         (3,545)
      Purchases of property, plant, and equipment      (1,133)          (220)
      Other                                               (60)             -
                                                      -------        -------
    Net cash used in investing activities              (1,193)        (3,765)
                                                      -------        -------
    Financing Activities:
      Net proceeds from issuance of note payable to
        Thermo Optek                                        -          3,600
      Net decrease in short-term borrowing from
        Thermo Electron and affiliated companies            -         (2,724)
      Net increase (decrease) in short-term
        borrowings                                       (237)           183
      Net transfer from parent company                      -          2,154
      Other                                              (121)             -
                                                      -------        -------
    Net cash provided by (used in) financing
      activities                                         (358)         3,213
                                                      -------        -------
    Decrease in Cash and Cash Equivalents                (227)          (132)
    Cash and Cash Equivalents at Beginning of
      Period                                            9,604            306
                                                      -------        -------
    Cash and Cash Equivalents at End of Period        $ 9,377        $   174
                                                      =======        =======


                                        5PAGE
<PAGE>
                            THERMO VISION CORPORATION

                Consolidated Statement of Cash Flows (continued)
                                   (Unaudited)


                                                       Three Months Ended
                                                     ----------------------
                                                     April 4,     March 29,
    (In thousands)                                       1998          1997
     ----------------------------------------------------------------------
    Noncash Activities:
      Fair value of assets of acquired company       $      -      $  4,519
      Cash paid for acquired company                        -             -
      Due to Thermo Optek for acquired company              -        (3,600)
                                                     --------      --------
        Liabilities assumed of acquired company      $      -      $    919
                                                     ========      ========


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












                                        6PAGE
<PAGE>
                            THERMO VISION CORPORATION

                   Notes to Consolidated Financial Statements

    1.  General

        The interim consolidated financial statements presented have been
    prepared by Thermo Vision Corporation (the Company) without audit and, in
    the opinion of management, reflect all adjustments of a normal recurring
    nature necessary for a fair statement of the financial position at April
    4, 1998, and the results of operations and the cash flows for the
    three-month periods ended April 4, 1998, and March 29, 1997. Interim
    results are not necessarily indicative of results for a full year.

        The consolidated balance sheet presented as of January 3, 1998, has
    been derived from the consolidated financial statements that have been
    audited by the Company's independent public accounts. The consolidated
    financial statements and notes are presented as permitted by Form 10-Q
    and do not contain certain information included in the annual financial
    statements and notes of the Company. The consolidated financial
    statements and notes included herein should be read in conjunction with
    the financial statements and notes included in the Company's Annual
    Report on Form 10-K for the fiscal year ended January 3, 1998, filed with
    the Securities and Exchange Commission.

    2.  Earnings per Share

        Basic and diluted earnings per share were calculated as follows:

                                                        Three Months Ended
                                                       --------------------
                                                       April 4,   March 29,
    (In thousands except per share amounts)                1998        1997
    -----------------------------------------------------------------------
    Net income                                          $   689     $   528
                                                        -------     -------
    Weighted average shares                               8,048       6,909
                                                        -------     -------
    Basic and diluted earnings per share                $   .09     $   .08
                                                        =======     =======

        The computation of diluted earnings per share excludes the effect of
    assuming the exercise of outstanding stock options because the effect
    would be antidilutive. As of April 4, 1998, there were 291,000 of such
    options outstanding, with exercise prices ranging from $7.50 to $7.80 per
    share.

    3.  Comprehensive Income

        During the first quarter of 1998, the Company adopted Statement of
    Financial Accounting Standards (SFAS) No. 130, "Reporting Comprehensive
    Income." This pronouncement sets forth requirements for disclosure of the
    Company's comprehensive income and accumulated other comprehensive
    income. In general, comprehensive income combines net income and "other 


                                        7PAGE
<PAGE>
                            THERMO VISION CORPORATION

    3.  Comprehensive Income (continued)

    comprehensive income," which represents foreign currency translation
    adjustments, reported as a component of shareholders' investment in the
    accompanying balance sheet. During the first quarter of 1998 and 1997,
    the Company's comprehensive income totaled $707,000 and $509,000,
    respectively.

    Item 2 - Management's Discussion and Analysis of Financial Condition and
    ------------------------------------------------------------------------
             Results of Operations
             ---------------------
        Forward-looking statements, within the meaning of Section 21E of the
    Securities Exchange Act of 1934, are made throughout this Management's
    Discussion and Analysis of Financial Condition and Results of Operations.
    For this purpose, any statements contained herein that are not statements
    of historical fact may be deemed to be forward-looking statements.
    Without limiting the foregoing, the words "believes," "anticipates,"
    "plans," "expects," "seeks," "estimates," and similar expressions are
    intended to identify forward-looking statements. There are a number of
    important factors that could cause the results of the Company to differ
    materially from those indicated by such forward-looking statements,
    including those detailed under the heading "Risk Factors" included in the
    Company's Annual Report on Form 10-K for the fiscal year ended January 3,
    1998, filed with the Securities and Exchange Commission.

    Overview

        Thermo Vision Corporation (the Company) designs, manufactures, and
    markets a diverse array of photonics products, including optical
    components, imaging sensors and systems, lasers, optically based
    instruments, optoelectronics, and fiber optics. The Company sells 
    photonics products in multiple markets across a number of industries for
    research, testing, detecting, and manufacturing applications.

        The Company initially comprised two businesses: Scientific
    Measurement Systems Inc. (now called Thermo Vision Colorado), a
    manufacturer of optically based instruments, and CID Technologies Inc.
    (CIDTEC), a manufacturer of sensors and cameras based on proprietary
    charge-injection device (CID) technology. Since February 1996, the
    Company has acquired four businesses from unrelated third parties that
    currently comprise the bulk of its operations. In February 1996, the
    Company acquired Oriel Corporation, a manufacturer and distributor of
    photonics components and instruments, and Corion Corporation, a
    manufacturer of commercial optical filters. In February 1997, the Company
    acquired Laser Science, Inc. (LSI), a manufacturer of gas lasers. In July
    1997, the Company acquired Centronic, Inc. (now called Centro Vision,
    Inc.), a manufacturer of silicon photodiodes. In addition, in August
    1997, the Company acquired the crystal-materials business (Hilger) of
    Hilger Analytical Limited, a wholly owned subsidiary of Thermo Optek
    Corporation. Because the Company and Hilger were deemed for accounting
    purposes to be under control of their common owner, Thermo Instrument
    Systems Inc., the transaction has been accounted for at historical cost
    in a manner similar to a pooling of interests. Accordingly, the results
    of operations of Hilger are included for all periods presented. From the
    time of the Company's incorporation in November 1995 to August 1997, the

                                        8PAGE
<PAGE>
                            THERMO VISION CORPORATION

    Overview (continued)

    crystal-materials business of Hilger Analytical was under the Company's
    management. All of the Company's other acquisitions were accounted for
    using the purchase method of accounting.

        Approximately 7% of the Company's 1997 revenues originated outside
    the U.S. and approximately 27% of the Company's 1997 revenues were
    exports from the U.S. Revenues originating outside the U.S. represent
    revenues of Hilger. Hilger's operations are located in the United Kingdom
    and principally sell in the local currency. Exports from the Company's
    U.S. operations are denominated in U.S. dollars. Although the Company
    seeks to charge its customers in the same currency as its operating
    costs, the Company's financial performance and competitive position can
    be affected by currency exchange rate fluctuations. 

    Results of Operations

    First Quarter 1998 Compared With First Quarter 1997
    ---------------------------------------------------

        Revenues increased 23% to $10.5 million in the first quarter of 1998
    from $8.6 million in the first quarter of 1997. Revenues increased $1.8
    million due to the acquisition of Centro Vision in July 1997 and the
    inclusion of revenues for the full period from LSI, acquired in February
    1997. Excluding the impact of acquisitions, revenues were relatively
    unchanged. Higher revenues at Hilger due to increased shipments under its
    Stanford Linear Accelerator (SLAC) contract and at CIDTEC due to
    increased sales of sensors to Thermo Optek were substantially offset by a
    decrease in revenue at Oriel as a result of its relocation to a new
    facility during 1998.

        The gross profit margin was relatively unchanged at 43.2% in the
    first quarter of 1998 and 43.8% in the first quarter of 1997.

        Selling, general, and administrative expenses as a percentage of
    revenues remained constant at 22% in the first quarter of 1998 and 1997.
    Research and development expenses increased to $1.0 million in 1998 from
    $0.9 million in 1997, primarily due to the acquisition of Centro Vision
    and the inclusion of LSI's results for the full period in 1998.

        Interest expense of $0.1 million in the first quarter of 1998
    primarily represents interest incurred on the $3.6 million and $3.8
    million promissory notes issued to Thermo Optek and Thermo Electron
    Corporation for the acquisition of LSI and Centro Vision, respectively.

        The effective tax rate was 42% in the first quarter of 1998, compared
    with 41% in the first quarter of 1997. The effective tax rates exceeded
    the statutory federal income tax rate primarily due to the impact of
    nondeductible amortization of cost in excess of net assets of acquired
    companies and state income taxes.

                                        9PAGE
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                            THERMO VISION CORPORATION

    Liquidity and Capital Resources

        Consolidated working capital was $19.4 million at April 4, 1998,
    compared with $19.6 million at January 3, 1998. Included in working
    capital are cash and cash equivalents of $9.4 million at April 4, 1998,
    compared with $9.6 million at January 3, 1998. During the first three
    months of 1998, operating activities provided $1.3 million of cash. Cash
    of $0.6 million, provided by an increase in other current liabilities,
    was offset in part by cash of $0.4 million used to fund an increase in
    inventory, primarily to support requirements under Hilger's SLAC
    contract.

        Investing activities used $1.2 million of cash during the first three
    months of 1998. The Company expended $1.1 million on purchases of
    property, plant, and equipment, including $0.6 million for leasehold
    improvements at Oriel. The Company plans to spend approximately $1.0
    million on property, plant, and equipment during the remainder of 1998.

        The Company's financing activities used $0.4 million of cash during
    the first three months of 1998, primarily to repay short-term borrowings
    at Hilger. 

        Although the Company generally expects to have positive cash flow
    from its existing operations, the Company may require significant amounts
    of cash for any acquisition of complementary businesses. The Company
    expects that it will finance any such acquisitions through a combination
    of internal funds, debt or equity financing from capital markets, or
    short- or long-term borrowings from Thermo Instrument or Thermo Electron,
    although it has no agreement with these companies to ensure that funds
    will be available on acceptable terms or at all. The Company believes its
    existing resources are sufficient to meet the capital requirements of its
    existing businesses for the foreseeable future.

    PART II - OTHER INFORMATION

    Item 2 - Use of Proceeds
    ------------------------

        The Company's Registration Statement on Form S-1 (File No. 333-38153)
    covering 1,236,250 shares of common stock, par value $.01 per share, with
    an aggregate offering price of $9,272,000, was declared effective by the
    Securities and Exchange Commission on December 10, 1997. The offering
    commenced on December 10, 1997, and terminated on December 31, 1997. The
    managing underwriters were Fahnestock & Co. Inc. and HSBC Securities,
    Inc. The Company sold 1,139,491 shares in the offering for an aggregate
    offering price of $8,546,000. The Company's total expenses in connection
    with the offering were $1,634,000, of which $598,000 was for underwriting
    discounts and commissions and $1,036,000 was for other expenses paid to
    persons other than directors or officers of the Company, persons owning
    more than 10 percent of any class of equity securities of the Company, or
    affiliates of the Company, except for $169,000 paid to Thermo Electron,
    the Company's ultimate parent company, for certain services rendered in
    connection with the offering. The Company's net proceeds from the
    offering were $6,912,000. As of April 4, 1998, all of such net proceeds
    were invested in investment-grade interest- or dividend-bearing

                                       10PAGE
<PAGE>
                            THERMO VISION CORPORATION

    Item 2 - Use of Proceeds (continued)
    ------------------------

    investments pursuant to a repurchase agreement with Thermo Electron
    whereby the Company in effect lends its excess cash to Thermo Electron on
    a collateralized basis at market interest rates.

    Item 6 - Exhibits
    -----------------

        See Exhibit Index on the page immediately preceding exhibits.














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                            THERMO VISION CORPORATION

                                   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 as of the 8th day of May 1998.

                                           THERMO VISION CORPORATION



                                           Paul F. Kelleher
                                           ---------------------------
                                           Paul F. Kelleher
                                           Chief Accounting Officer



                                           John N. Hatsopoulos
                                           ---------------------------
                                           John N. Hatsopoulos
                                           Chief Financial Officer and
                                             Senior Vice President










                                       12
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                            THERMO VISION CORPORATION

                                  EXHIBIT INDEX


    Exhibit
    Number       Description of Exhibit
    ------------------------------------------------------------------------

      27         Financial Data Schedule.