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

                               ________________

                                     1997
                                  FORM 10 - Q

                                For the Fiscal
                                 FIRST QUARTER
                             Ended March 29, 1997

               Quarterly Report Pursuant To Section 13 or 15(d)
                    of the Securities Exchange Act of 1934

                              MOORE MEDICAL CORP.
            (Exact name of registrant as specified in its charter)
--------------------------------------------------------------------------------
DELAWARE                                       1-8903
(State of incorporation)                       (Commission File Number)

P.O. BOX 1500, NEW BRITAIN, CT  06050          22-1897821
(Address of principal executive offices)       (I.R.S. Employer
                                               Identification Number)

860-826-3600
(Registrant's telephone number)

          SECURITIES REGISTERED PURSUANT TO SECTION 12(B) OF THE ACT:


COMMON STOCK ($.01 PAR VALUE)                            AMERICAN STOCK EXCHANGE
(Title of Each Class)                (Name of each exchange on which registered)
--------------------------------------------------------------------------------

  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 twelve months, and (2) has been subject to such filing
requirements for the past 90 days.  Yes  X   No _____
                                        ---


                                   2,930,194

        Number of shares of Common Stock outstanding as of May 7,1997.


             Total number of pages in the numbered original is 14



                          This is page 1 of 14 pages.
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                                       1
<PAGE>
 
                              MOORE MEDICAL CORP.


                                     INDEX

<TABLE>
<CAPTION>
                                                                          PAGE NO.
                                                                          --------
<S>                                                                       <C>
PART I.  FINANCIAL INFORMATION
 
         Item 1. Financial Statements
 
                 Balance Sheets at the end of the first quarter of
                   1997 and at the end of the year 1996..................      3
                                                                           
                 Statements of Operations for the first quarters                
                   of 1997 and 1996......................................      4
                                                                           
                 Statements of Cash Flows for the first quarters                
                   of 1997 and 1996......................................      5
                                                                           
                 Notes to Financial Statements...........................      6
                                                                   
         Item 2. Management's Discussion and Analysis of Results       
                   of Operations and Financial Condition.................     7-8
                                                                   
                                                                   
PART II.    OTHER INFORMATION                                      
                                                                   
         Item 6. Exhibits and Reports on Form 8-K........................      9
                                                                   
         Signatures......................................................      9
</TABLE> 

                                       2
<PAGE>
 
<TABLE>
<CAPTION>

MOORE MEDICAL CORP.

Balance Sheets at end of
--------------------------------------------------------------------------------
Amounts in thousands                             FIRST QUARTER 1997   YEAR 1996
                                                     (Unaudited)
--------------------------------------------------------------------------------
<S>                                              <C>                  <C>
ASSETS

CURRENT ASSETS
   Cash                                                $     7          $    16
   Accounts receivable, less allowances                              
      of $333 and $626.........................         28,765           25,761
   Inventories.................................         43,703           43,828
   Prepaid expenses and other current assets...          4,446            4,117
   Deferred income taxes.......................          2,337            2,356
                                                       -------          -------
         Total Current Assets..................         79,258           76,078
                                                       -------          -------
                                                                     
NONCURRENT ASSETS                                                    
   Equipment and leasehold improvements, net...          4,344            4,411
   Other assets................................          1,170            1,052
                                                       -------          -------
         Total Noncurrent Assets...............          5,514            5,463
                                                       -------          -------
                                                       $84,772          $81,541
                                                       =======          =======
                                                                     
LIABILITIES AND SHAREHOLDERS' EQUITY                                 
CURRENT LIABILITIES                                                  
   Accounts payable............................        $23,598          $27,071
   Accrued expenses............................          5,920            6,022
                                                       -------          -------
         Total Current Liabilities.............         29,518           33,093
                                                       -------          -------
                                                                     
DEFERRED  INCOME TAXES.........................            354              346
                                                                     
REVOLVING CREDIT FINANCING.....................         29,054           22,726
                                                                     
SHAREHOLDERS' EQUITY                                                 
   Preferred stock - no shares outstanding.....             --               --
   Common stock - $.01 par value;                                    
      5,000 shares authorized;                                       
      3,246 shares issued......................             32               32
   Capital in excess of par value..............         21,738           21,692
   Retained earnings...........................          7,037            6,709
                                                       -------          -------
                                                        28,807           28,433
   Less treasury shares, at cost, 321 and 343                        
      shares...................................         (2,961)          (3,057)
                                                       -------          -------
         Total Shareholders' Equity............         25,846           25,376
                                                       -------          -------
                                                       $84,772          $81,541
                                                       =======          =======
</TABLE> 

________________________________________________________________________________

The accompanying notes are an integral part of the financial statements.

                                       3
<PAGE>
 
MOORE MEDICAL CORP.

<TABLE> 
<CAPTION> 
Statements of Operations for the
----------------------------------------------------------------------------
Amounts in thousands, except per share data              FIRST QUARTER
                                                    ----------------------
                                                      1997           1996   
                                                          (Unaudited)      
----------------------------------------------------------------------------
<S>                                                 <C>            <C>     
   Net sales...................................     $81,042        $75,833 
                                                                           
   Cost of products sold.......................      69,826         65,236 
                                                    -------        ------- 
                                                                           
   Gross profit................................      11,216         10,597 
                                                                           
   Selling, general & administrative expenses..      10,184          9,158 
                                                    -------        ------- 
                                                                           
   Operating income............................       1,032          1,439 
                                                                           
   Interest expense, net.......................         517            466 
                                                    -------        ------- 
                                                                           
   Income before income taxes..................         515            973 
                                                                           
   Income tax provision........................         185            340 
                                                    -------        ------- 
                                                                           
   Net income..................................     $   330        $   633 
                                                    =======        ======= 
                                                                           
   Net income per share........................     $   .11        $   .22 
                                                    =======        ======= 
</TABLE>                                                                   
                                                                           
____________________________________________________________________________

The accompanying notes are an integral part of the financial statements.

                                       4
<PAGE>
 
MOORE MEDICAL CORP.
                                                         
<TABLE> 
<CAPTION> 
Statements of Cash Flows for the
---------------------------------------------------------------------------------------------        
Amounts in thousands                                                    FIRST QUARTER          
                                                                  -------------------------    
                                                                   1997               1996     
                                                                           (Unaudited)         
---------------------------------------------------------------------------------------------  
<S>                                                             <C>                 <C>        
CASH FLOWS FROM OPERATING ACTIVITIES                                                           
   Net income...........................                         $   330            $   633    
   Adjustments to reconcile net income                                                         
    to net cash flows provided by operating  activities
                                                                                               
      Depreciation and amortization.....                             412                448    
      Deferred income taxes.............                              27                  6    
      Changes in operating assets and                                                          
       liabilities                                                                             
         Accounts receivable............                          (3,004)            (3,076)   
         Inventories....................                             125             (1,511)   
         Other current assets...........                            (329)            (1,950)   
         Accounts payable...............                          (3,473)             2,556    
         Other current liabilities......                            (170)               163    
                                                                 -------            -------    
                                                                                               
      Net cash flows used in operating                            (6,082)            (2,731)   
       activities.......................                         -------            -------    
                                                                                               
                                                                                               
CASH FLOWS FROM INVESTING ACTIVITIES                                                           
   Equipment & leasehold improvements acquired...                   (345)              (218)   
                                                                 -------            -------    
                                                                                               
      Net cash flows used in investing activities.                  (345)              (218)   
                                                                 -------            -------    
                                                                                               
CASH FLOWS FROM FINANCING ACTIVITIES                                                           
   Revolving credit financing increase, net..                      6,328              2,966    
   Other, net................................                         90                 21    
                                                                 -------            -------    
      Net cash flows provided by financing                                                     
         activities..........................                      6,418              2,987    
                                                                 -------            -------    
                                                                                               
Increase (decrease) in cash..................                         (9)                38    
Cash at beginning of period..................                         16                 39    
                                                                 -------            -------    
                                                                                               
CASH AT END OF PERIOD........................                    $     7            $    77    
                                                                 =======            =======    
</TABLE>

________________________________________________________________________________

The accompanying notes are an integral part of the financial statements.

                                       5
<PAGE>
 
MOORE MEDICAL CORP.


NOTES TO FINANCIAL STATEMENTS


NOTE 1 - BASIS OF PRESENTATION OF FINANCIAL STATEMENTS

         The accompanying financial statements should be read in conjunction
         with the Notes to Financial Statements and Management's Discussion and
         Analysis of Results of Operations and Financial Condition included in
         the Company's 1996 Annual Report filed on Form 10-K and in this Form 
         10-Q Report.

         In the opinion of management, all adjustments necessary for a fair
         presentation of the results for the interim periods have been made. The
         results of operations for the first quarter are not necessarily
         indicative of the results to be expected for the full year. The fiscal
         quarters ended March 29, 1997 and March 30, 1996.


NOTE 2 - BUSINESS DEVELOPMENTS
 
         On April 2,1997, the Company announced that its Board of Directors had
         initiated a process to explore alternatives for enhancing shareholder
         value, including joint ventures or a possible sale of all or part of
         the Company, giving due consideration to the interests of the Company's
         shareholders, employees, customers and other constituencies. The Board
         of Directors authorized the engagement of the investment banking firm
         of Schroder Wertheim & Co. Incorporated to act as advisor to the
         Company regarding the process. The President and CEO of this investment
         banking firm is a director of the Company.

NOTE 3 - CONTINGENCIES

         Beginning in 1991, the Company entered into various supply contracts
         with the U.S. Department of Veterans Affairs and the Defense
         Department. In April 1997, the Company completed a review of its
         compliance with various pricing provisions of these contracts and, with
         the assistance of special legal counsel, has concluded that adjustments
         may be due to the federal agencies for potential unasserted claims
         against the Company relating to pricing deficiencies under product
         supply contracts subject to General Services Administration and
         Department of Defense regulations. Management has assessed its
         estimated liability, and anticipates discussion of the identified
         pricing issues with the contracting officers responsible for the
         Company's contracts. The ultimate resolution of this matter potentially
         could involve purchase price adjustments and associated legal costs of
         approximately $3.8 million. The Company established a reserve for
         this amount in December, 1996. The Company also took a charge of
         $220,000 in the quarter ended March 29, 1997 for potential contract
         price adjustments on sales during the quarter under the federal
         government supply contracts. In management's opinion, the ultimate
         resolution of this matter will not have a material adverse effect on
         the Company's financial position. Although management believes that the
         reserve is sufficient, it is possible the final resolution could exceed
         such reserve and could have a material impact on the statement of
         operations and cash flow in such period.

NOTE 4 - NET INCOME PER SHARE

         Net income per share of common stock is based on the weighted average
         number of common shares outstanding, adjusted for dilutive common stock
         options (2,919,000 shares and 2,909,000 shares in the first quarters of
         1997 and 1996, respectively.)

                                       6
<PAGE>
 
MOORE MEDICAL CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS


OVERVIEW
--------

The following table sets forth items included in the Statements of Operations as
a percentage of sales for the first quarters of 1997 and 1996.  The table also
shows, for each line item, the percentage change in the 1997 period from the
comparable 1996 period.

<TABLE>
<CAPTION>
                                                         FIRST QUARTER
                                       -----------------------------------------
                                             % OF SALES               % CHANGE
                                       --------------------        -------------
                                          1997        1996 
                                          ----        ---- 
<S>                                    <C>            <C>          <C> 
Net sales...............................   100.0%     100.0%               7% 
Cost of products sold...................    86.2       86.0                7  
                                           -----      -----                   
Gross profit............................    13.8       14.0                6  
Selling, general & administrative           12.6       12.1               11  
 expenses...............................   -----      -----                   
Operating income........................     1.2        1.9              (28) 
Interest expense, net...................      .6         .6               11  
                                           -----      -----                   
Income before income taxes..............      .6        1.3              (47) 
Income tax provision....................      .2         .5               --  
                                           -----      -----                   
Net income..............................      .4%        .8%             (48)% 
                                           =====      =====  
</TABLE>

RESULTS OF OPERATIONS
---------------------

FIRST QUARTER
1997 COMPARED WITH 1996
-----------------------

Net sales of $81.0 million for the first quarter of 1997 increased 7% from the
same quarter of 1996.  In the first quarter of 1997, sales of brand-name
pharmaceuticals increased 23%.  Sales of generic pharmaceuticals decreased 24%,
primarily due to significant industry-wide deflation that resulted in lower
prices in the first quarter of 1997 compared with the first quarter of 1996.
Sales of medical/surgical supplies increased 14% during the 1997 quarter from
the comparable 1996 quarter.  Growth in sales to health-care practitioner
customers accounted for most of the sales increase in medical/surgical supplies.

For the 1997 quarter, gross profit dollars increased 6% to $11.2 million.  The
gross margin rate of 13.8% was slightly lower than the 14.0% in the same quarter
a year earlier due to a 1997 sales mix with more brand-name pharmaceuticals,
which have lower gross profit margin rates than the other products.

                                       7
<PAGE>
 
Selling, general and administrative expenses in the first quarter of 1997 
increase 11% from the same quarter of 1996. A significant factor accounting for
the increase was the previously announced, added costs of enlarging the sales
staff. In addition, freight expenses increased in the 1997 quarter. Also, a
charge of $220,000 ($.05 per share) was taken in the quarter for previously
announced estimated liabilities for contract price deficiencies on sales during
the quarter under federal government supply contracts.

Interest expense increased 11% in the 1997 quarter.  Approximately two thirds of
the increase resulted from higher debt levels.  Higher interest rates accounted
for the remainder of the increase.

Net income for the 1997 quarter decreased 48%.  An increase in gross profit was
more than offset by increases in selling, general and administrative expenses
and interest expense.  Approximately half of the net income reduction was
directly attributable to the charge in the 1997 quarter related to government
supply contracts.


FINANCIAL CONDITION
-------------------

During the first quarter of 1997, funds from additional borrowings of $6.3
million and of $0.1 million from exercised stock options were used to finance
$6.1 million of net cash uses for operations and $0.3 million of equipment
purchases.  The large uses of cash for operations were $3.0 million for
increases in accounts receivable and $3.5 million for decreases in accounts
payable.  The increase in accounts receivable was due to higher sales in the
first quarter than for the fourth quarter of 1996.  The decrease in accounts
payable was attributable to payments in the first quarter of 1997 for the
inventory position buying of brand-name pharmaceuticals at the end of 1996.

The Company's bank financing agreement provides a $35 million revolving line of
credit through December, 1999.  The facility provides for funding limited by a
formula using accounts receivable balances and inventory levels as the primary
variables.  Interest on loans is charged at the prime rate or, at the option of
the Company, at the Eurodollar rate plus a rate in a range of 1% to 2% depending
on the financial leverage of the Company.   In addition, the Company pays a 1/4%
commitment fee on the unused line of credit.  Substantially all assets of the
Company have been pledged as collateral and the agreement contains covenants and
restrictions relating to asset protection, financial condition, dividends,
investments, acquisitions and certain other matters.  At March 29, 1997, the
Company was not in compliance with various financial covenants under the
agreement.  The Company has received waivers from the bank regarding these
financial covenants.

Management believes that the funding needs of the Company for operating working
capital and equipment purchases will continue to be met through income from
operations and financing under its line of credit.

                                       8
<PAGE>
 
PART II.  OTHER INFORMATION
          -----------------

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K
         --------------------------------

       (a)  Exhibit 1
            ---------

            Third Amendment and Waiver Agreement to Revolving Credit Agreement
            by and among the Company and Bank of Boston Connecticut, dated April
            14, 1997.

       (b)  Reports on Form 8-K
            -------------------
 
            No report on Form 8-K was filed during the quarter.

 
                                  SIGNATURES
                                  ----------

     Pursuant to the requirements of Section 13 or 15(d) 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.


MOORE MEDICAL CORP.
(REGISTRANT)

By:   /s/ John A. Murray               By:  /s/ Victor H. Emerson, Jr.
     ------------------------------        -----------------------------------
        John A. Murray                          Victor H. Emerson, Jr.
        Vice President - Finance and            Controller and Chief
           Chief Financial Officer                 Accounting Officer
        May 12, 1997                            May 12, 1997

                                       9