<PAGE>
 
================================================================================

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                            -----------------------

                                     1997
                                  FORM 10 - Q

                                For the Fiscal
                                SECOND QUARTER
                              Ended June 28, 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 
                                       -----    -----  


                                   2,924,454

      Number of shares of Common Stock outstanding as of August 5, 1997.


             Total number of pages in the numbered original is 12



                          This is page 1 of 12 pages.
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                                       1
<PAGE>
 
                              MOORE MEDICAL CORP.


                                     Index



                                                                       Page No.
                                                                       --------
Part I.  Financial Information                                        
                                                                      
         Item 1. Financial Statements                                 
                                                                      
                 Balance Sheets at the end of the second quarter of   
                    1997 and at the end of the year 1996...............    3
                                                                      
                 Statements of Operations for the second quarters     
                    of 1997 and 1996...................................    4
                                                                      
                 Statements of Operations for the first two quarters  
                    of 1997 and 1996...................................    5
                                                                      
                 Statements of Cash Flows for the first two quarters  
                    of 1997 and 1996...................................    6
                                                                      
                 Notes to Financial Statements.........................  7-8
                                                                      
         Item 2. Management's Discussion and Analysis of Results      
                    of Operations and Financial Condition.............. 9-11
                                                                      
                                                                      
Part II. Other Information                                            
                                                                      
         Item 4. Submission of Matters to a Vote of Security Holders...   12
                                                                      
         Item 6. Exhibits and Reports on Form 8-K......................   12
                                                                      
         Signatures....................................................   12
 

                                       2
<PAGE>
 
MOORE MEDICAL CORP.

<TABLE>
<CAPTION>

Balance Sheets at end of 
--------------------------------------------------------------------------------
Amounts in thousands                            Second Quarter 1997   Year 1996
                                                   (Unaudited)
--------------------------------------------------------------------------------
<S>                                             <C>                   <C>
 
ASSETS

Current Assets
 Cash                                                $     5          $    16
 Accounts receivable, less allowances                            
    of $328 and $626.........................         27,521           25,761
 Inventories.................................         34,034           43,828
 Prepaid expenses and other current assets...          4,337            4,117
 Deferred income taxes.......................          2,177            2,356
                                                     -------          -------
      Total Current Assets...................         68,074           76,078
                                                     -------          -------
Noncurrent Assets                                                
 Equipment and leasehold improvements, net...          4,201            4,411
 Other assets................................          1,301            1,052
                                                     -------          -------
      Total Noncurrent Assets................          5,502            5,463
                                                     -------          -------
                                                     $73,576          $81,541
                                                     =======          =======
                                                                 
LIABILITIES AND SHAREHOLDERS' EQUITY                             

Current Liabilities                                              
 Accounts payable............................        $21,275          $27,071
 Accrued expenses............................          5,604            6,022
                                                     -------          -------
      Total Current Liabilities..............         26,879           33,093
                                                     -------          -------
                                                                 
Deferred Income Taxes........................            394              346
                                                                 
Revolving Credit Financing...................         20,190           22,726
                                                                 
Shareholders' Equity                                             
 Preferred stock - no shares outstanding.....             --               --
 Common stock - $.01 par value;                                  
    5,000 shares authorized;                                     
    3,246 shares issued......................             33               32
 Capital in excess of par value..............         21,737           21,692
 Retained earnings...........................          7,305            6,709
                                                     -------          -------
                                                      29,075           28,433
 Less treasury shares, at cost, 323 and 343                      
    shares...................................         (2,962)          (3,057)
                                                     -------          -------
      Total Shareholders' Equity.............         26,113           25,376
                                                     -------          -------
                                                     $73,576          $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               Second Quarter
                                                 -------------------------------
                                                      1997             1996
                                                           (Unaudited)
--------------------------------------------------------------------------------
<S>                                                <C>                <C>

   Net sales...................................    $77,038            $72,840
                                                                
   Cost of products sold.......................     65,687             62,058
                                                   -------            -------
                                                                
   Gross profit................................     11,351             10,782
                                                                
   Selling, general & administrative expenses..      9,833              9,284
                                                                
   Unusual item................................        580                  -
                                                   -------            -------
                                                                
   Operating income............................        938              1,498
                                                                
   Interest expense, net.......................        522                513
                                                   -------            -------
                                                                
   Income before income taxes..................        416                985
                                                                
   Income tax provision........................        150                344
                                                   -------            -------
                                                                
   Net income..................................    $   266            $   641
                                                   =======            =======
                                                                
   Net income per share........................    $   .09            $   .22
                                                   =======            =======
--------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of the financial statements.

                                       4
<PAGE>
 
MOORE MEDICAL CORP.
<TABLE>
<CAPTION>
Statements of Operations for the
--------------------------------------------------------------------------------
Amounts in thousands, except per share data              First Two Quarters
                                                    ----------------------------
                                                        1997            1996
                                                            (Unaudited)
--------------------------------------------------------------------------------
<S>                                                  <C>             <C>
 Net sales...................................        $158,080        $148,673
                                                                
 Cost of products sold.......................         135,513         127,294
                                                     --------        --------
                                                                
 Gross profit................................          22,567          21,379
                                                                
 Selling, general & administrative expenses..          19,797          18,442
                                                                
 Unusual item................................             800               -
                                                     --------        --------
                                                                
 Operating income............................           1,970           2,937
                                                                
 Interest expense, net.......................           1,039             979
                                                     --------        --------
                                                                
 Income before income taxes..................             931           1,958
                                                                
 Income tax provision........................             335             684
                                                     --------        --------
                                                                
 Net income..................................        $    596        $  1,274
                                                     ========        ========
                                                                
 Net income per share........................        $    .20        $    .44
                                                     ========        ========
--------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of the financial statements.

                                       5
<PAGE>
 
MOORE MEDICAL CORP.

<TABLE> 
<CAPTION> 

Statements of Cash Flows for the
--------------------------------------------------------------------------------
Amounts in thousands                                   First Two Quarters
                                                 ------------------------------
                                                     1997              1996
<S>                                              <C>               <C>
                                                          (Unaudited)
--------------------------------------------------------------------------------

Cash Flows From Operating Activities
    Net income................................       $   596       $ 1,274     
    Adjustments to reconcile net income to                                     
       net cash flows provided by                                              
       operating activities                                                    
                                                                               
       Depreciation and amortization..........           755           881     
       Deferred income taxes..................           227          (120)    
                                                                               
       Changes in operating assets and                                         
       liabilities                                                             
         Accounts receivable..................        (1,760)       (1,615)    
         Inventories..........................         9,794         1,197     
         Other current assets.................          (220)         (944)    
         Accounts payable.....................        (5,795)       (2,713)    
         Other current liabilities............          (617)          361     
                                                     -------       -------     
                                                                               
       Net cash flows provided by (used in)                                    
         operating activities.................         2,980        (1,679)    
                                                     -------       -------     
                                                                               
Cash Flows From Investing Activities                                           
    Equipment and leasehold improvements......          (545)         (550)    
                                                     -------       -------     
                                                                               
       Net cash flows used in investing            
         activities...........................          (545)         (550)    
                                                     -------       -------     
                                                                               
Cash Flows From Financing Activities                                           
    Revolving credit financing (decrease)  
      increase, net...........................        (2,536)        2,232     
    Other, net................................            90            36     
                                                     -------        ------     
       Net cash flows (used in) provided by
        financing activities..................        (2,446)        2,268     
                                                     -------        ------     
                                                                               
Increase (decrease) in cash...................           (11)           39     
Cash at beginning of period...................            16            39     
                                                     -------        ------     
                                                                               
Cash At End Of Period.........................       $     5        $   78     
                                                     =======        ======     
--------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of the financial statements.

                                       6
<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 second quarter and first two quarters are not necessarily
indicative of the results to be expected for the full year.  The fiscal quarters
ended June 28, 1997 and June 29, 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.  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

                                       7
<PAGE>
 
MOORE MEDICAL CORP.


NOTES TO FINANCIAL STATEMENTS


Note 3 - Contingencies (cont'd)
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 - Unusual Item
The "unusual item" consists of charges to earnings of $580,000 in the second
quarter of 1997 and $800,000 in the first half of 1997 in connection with
exiting supply contracts with the U.S. government. These charges are primarily
for write-offs and write-downs of product returns and for severance pay to
terminated employees. Without these charges, earnings per share would have been
$.22 for the second quarter of 1997 and $.38 for the first half.


Note 5 - 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), which
was 2,931,000 shares and 2,918,000 shares in the second quarters of 1997 and
1996, respectively, and 2,925,000 shares and 2,914,000 shares in the first two
quarters of 1997 and 1996, respectively.

                                       8
<PAGE>
 
MOORE MEDICAL CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS
  AND FINANCIAL CONDITION


OVERVIEW
--------

The following table sets forth items included in the Statements of Operations as
a percentage of sales for the second quarter and first two quarters of 1997 and
1996, respectively.  The table also shows, for each line item, the percentage
change in the 1997 periods from the comparable 1996 periods.
<TABLE>
<CAPTION>
 
                                    Second Quarter          First Two Quarters
                              --------------------------------------------------
 
                                  % of Sales       %       % of Sales       %
                              ---------------- --------  --------------- -------
                                 1997    1996   Change    1997    1996    Change
                              -------- ------- --------  ------  ------- -------
 
<S>                             <C>     <C>     <C>      <C>     <C>       <C>
Net sales.....................  100.0%  100.0%    6%     100.0%  100.0%     6%
Cost of products sold.........   85.3    85.2     6       85.7    85.6      6
                                -----   -----            -----   -----      
Gross profit..................   14.7    14.8     5       14.3    14.4      5
Selling, general & admin exp..   12.8    12.7     6       12.5    12.4      7
Unusual item                      0.7       -     -        0.5       -      -
                                -----   -----            -----   -----
Operating income..............    1.2     2.1   (37)       1.3     2.0    (33)
Interest expense, net.........    0.7     0.7     2        0.7     0.6      6
                                -----   -----            -----   -----
Income before income taxes....    0.5     1.4   (58)       0.6     1.4    (52)
Income tax provision..........    0.2     0.5     -        0.2     0.5      -
                                -----   -----            -----   -----
Net income....................    0.3%    0.9%  (59)%      0.4%    0.9%   (53)%
                                =====   =====  ====      =====   =====  =====
 
 
</TABLE>

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

Second Quarter
1997 Compared with 1996
-----------------------

Net sales for the second quarter of 1997 increased 6% to $77,038,000, compared
to $72,840,000 in the quarter a year ago.  Sales of brand-name pharmaceuticals
increased approximately 20%, sales of generic pharmaceuticals decreased
approximately 30% and sales of medical/surgical supplies increased over 15%.
The decrease in sales of generic pharmaceuticals was due to significant
industry-wide deflation that resulted in lower prices in the 1997 quarter
compared with the 1996 quarter and due to exiting the government supply contract
business.  Growth in sales to health-care practitioner customers accounted for
the sales increase in medical/surgical supplies.

                                       9
<PAGE>
 
The gross margin rate of 14.7% in the second quarter of 1997 was slightly lower
than the 14.8% in the same quarter a year earlier.  Gross profit dollars
increased in the second quarter of 1997 by 5% to $11.4 million.  The increased
gross profit resulted from greater gross profits on increased sales of
medical/surgical supplies and brand-name pharmaceuticals, which more than 
offset decreased gross profits on lower sales of generic pharmaceuticals.

Selling, general and administrative expenses during the second quarter of 1997
increased 6% from the comparable quarter of 1996.  The increased expenses
resulted primarily from enlarging the sales staff.  In addition, freight
expenses increased in the 1997 quarter.

Interest expense for the 1997 quarter increased slightly from the 1996 quarter.
The effect on interest expense of higher interest rates for the 1997 quarter was
mostly offset by decreased debt levels in the 1997 quarter.

The "unusual item" consists of charges to earnings of $580,000 in the second
quarter of 1997 in connection with exiting supply contracts with the U.S.
government. These charges are primarily for write-offs and write-downs of
product returns and for severance pay to terminated employees.

Net income and earnings per share for the 1997 quarter decreased 59% from the
same quarter of 1996 due to the charges associated with the decision to exit the
government supply contract business.  Without these charges, earnings per share
for the second quarter of 1997 would have been equal to the $.22 per share
earned in the second quarter of 1996.

First Two Quarters
1997 Compared with 1996
-----------------------

Net sales for the first half of 1997 increased 6% to $158,080,000 from
$148,673,000 in the comparable 1996 period.  Sales of brand-name pharmaceuticals
increased approximately 20%, sales of generic pharmaceuticals decreased
approximately 30% and sales of medical/surgical supplies increased over 15%.
The decrease in sales of generic pharmaceuticals was due to significant
industry-wide deflation that resulted in lower prices in the 1997 half compared
with the 1996 half and due to exiting the government supply contract business.
Growth in sales to health-care practitioner customers accounted for the sales
increase in medical/surgical supplies.

For the 1997 first half, the gross margin rate of 14.3% was slightly lower than
the 14.4% in the same period a year earlier.  Gross profit dollars increased by
5% to $22.6 million.  The increased gross profit resulted from greater gross
profits on increased sales of medical/surgical supplies and brand-name
pharmaceuticals, which more than offset decreased gross profits on lower sales
of generic pharmaceuticals.

                                       10
<PAGE>
 
Selling, general and administrative expenses during the first half of 1997
increased 7% compared with the first half of 1996.  The increased expenses
resulted primarily from enlarging the sales staff.  In addition, freight
expenses increased in the 1997 first half.

Interest expense during the first half of 1997 increased 6% compared with the
first half of 1996 due to higher interest rates.

The "unusual item" consists of previously announced charges to earnings of
$800,000 in the first half of 1997 in connection with exiting supply contracts
with the U.S. government. These charges are primarily for write-offs and write-
downs of product returns and for severance pay to terminated employees.

Net income and earnings per share for the first half of 1997 as compared to the
same 1996 period decreased  over 50% due primarily to the charges associated
with the decision to exit the government supply contract business.  Without
these charges, earnings per share would have been $.38 for the first half of
1997.

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

During the first half of 1997, net cash flow from operating activities of $3.0
million was used to fund $0.5 million of equipment purchases and to reduce
revolving credit financing by $2.5 million. Cash sources from operating
activities were $0.6 million in net income, $1.0 million in non-cash items
included in net income and a $9.8 million reduction in inventories. Somewhat
offsetting these cash sources were uses for operations of a $1.8 million
increase in accounts receivable, a $5.8 million decrease in accounts payable and
a $0.8 million change in prepaid/accrued expenses and other current assets. The
increase in accounts receivable was due to higher sales in the second quarter of
1997 than in the fourth quarter of 1996. The decrease in inventories and the
related decrease in accounts payable were attributable to a decrease in
inventory position buying of brand-name pharmaceuticals from the end of 1996 to
June of 1997 and to inventory management.

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.

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.

                                       11
<PAGE>
 
PART II.    OTHER INFORMATION
            -----------------
Item 4.       Submission of Matters to a Vote of Security Holders
              ---------------------------------------------------

              (a) The 1997 Annual Meeting of Shareholders of the Company was 
                  held May 21, 1997.

              (b) At the Annual Meeting, the following persons were elected 
                  directors, with the following number of shares voted for and
                  withheld:


                            For            Withheld
                         ---------      ---------------

Mark E. Karp              2,450,026          14,136
Steven Kotler             2,450,026          14,136
Robert H. Steele          2,450,026          14,136
Peter C. Sutro            2,449,526          14,636
Wilmer J. Thomas, Jr.     2,450,026          14,136
Dan K. Wassong            2,450,026          14,136


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

         (a)  Exhibits
              --------

              None.

         (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
       August 7, 1997                               August 7, 1997

                                       12