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

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                            _______________________

                                     1998
                                  FORM 10 - Q
                                        
                                For the Fiscal
                                 FIRST QUARTER
                              Ended April 4, 1998

               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 _____
                                      -----
                                   2,933,096
                                        
        Number of shares of Common Stock outstanding as of May 14, 1998


             Total number of pages in the numbered original is 13


                                        
                          This is page 1 of 13 pages.
================================================================================

                                       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              
                   1998 and at the end of the year 1997...............    3     
                                                                                
                 Statements of Operations for the first quarters                
                   of 1998 and 1997...................................    4     
                                                                                
                 Statements of Cash Flows for the first quarters                
                   of 1998 and 1997...................................    5     
                                                                                
                 Notes to Financial Statements........................   6-7    
                                                                                
         Item 2. Management's Discussion and Analysis of Results                
                   of Operations and Financial Condition..............   8-10
                                                                                
PART II. OTHER INFORMATION                                                      
                                                                                
         Item 6.  Exhibits and Reports on Form 8-K....................  11-13   
                                                                                
         Signatures...................................................   11 
</TABLE> 

                                       2
<PAGE>
 
MOORE MEDICAL CORP.

<TABLE> 
<CAPTION> 
Balance Sheets at end of
---------------------------------------------------------------------------------------
Amounts in thousands                                  FIRST QUARTER 1998     YEAR 1997
                                                          (Unaudited)
--------------------------------------------------------------------------------------- 
<S>                                                   <C>                    <C>  
ASSETS

CURRENT ASSETS
   Cash                                                     $ 4,785              $ 54   
   Accounts receivable, less allowances                                                
      of $656 and $891.........................              10,225            15,212  
   Inventories.................................              13,987            13,416  
   Prepaid expenses and other current assets...               3,395             2,960  
   Deferred income taxes.......................               3,354             3,354  
                                                            -------           -------  
         Total Current Assets..................              35,746            34,996  
                                                            -------           -------  
NONCURRENT ASSETS                                                                      
   Equipment and leasehold improvements, net...               3,641             3,511  
   Other assets................................                 722               696  
                                                            -------           -------  
         Total Noncurrent Assets...............               4,363             4,207  
                                                            -------           -------  
                                                            $40,109           $39,203  
                                                            =======           =======  
LIABILITIES AND SHAREHOLDERS' EQUITY                                                   

CURRENT LIABILITIES                                                                    
   Accounts payable............................             $10,013           $ 9,053  
   Accrued expenses............................               6,794             5,801  
                                                            -------           -------  
         Total Current Liabilities.............              16,807            14,854  
                                                            -------           -------  

DEFERRED INCOME TAXES..........................                 214               214  
                                                                                       
REVOLVING CREDIT FINANCING.....................                  --             1,512  
                                                                                       
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..............              21,656            21,644  
   Retained earnings...........................               4,192             3,788  
                                                            -------           -------  
                                                             25,881            25,464  
   Less treasury shares, at cost, 314 and 319                                          
      shares...................................              (2,793)           (2,841) 
                                                            -------           -------  
         Total Shareholders' Equity............              23,088            22,623  
                                                            -------           -------  
                                                            $40,109           $39,203  
                                                            =======           =======   
---------------------------------------------------------------------------------------
</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 
                                                     ---------------------------
                                                        1998             1997
                                                             (Unaudited)
--------------------------------------------------------------------------------
<S>                                                  <C>               <C>     
   Net sales...................................         $30,939        $81,042 
                                                                               
   Cost of products sold.......................          21,601         69,826 
                                                        -------        ------- 
                                                                               
   Gross profit................................           9,338         11,216 
                                                                               
   Selling, general & administrative expenses..           8,701         10,184 
                                                        -------        ------- 
                                                                               
   Operating income............................             637          1,032 
                                                                               
   Interest (income) expense, net..............              (6)           517 
                                                        -------        ------- 
                                                                               
   Income before income taxes..................             643            515 
                                                                               
   Income tax provision........................             238            185 
                                                        -------        ------- 
                                                                               
   Net income..................................         $   405        $   330 
                                                        =======        ======= 
   Basic and diluted net income                                                
      per share................................         $   .14        $   .11 
                                                        =======        ======= 
</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
                                                         -----------------------
                                                             1998        1997
                                                                (Unaudited)
--------------------------------------------------------------------------------
<S>                                                      <C>           <C>
CASH FLOWS FROM OPERATING ACTIVITIES
 Net income............................................. $     404     $   330
 Adjustments to reconcile net income to net cash
  flows provided by operating activities:
  Depreciation and amortization.........................       331         412
  Deferred income taxes.................................         -          27
  Changes in operating assets and liabilities:
   Accounts receivable..................................     4,987      (3,004)
   Inventories..........................................      (571)        125
   Other current assets.................................      (435)       (329)
   Accounts payable.....................................       960      (3,473)
   Other current liabilities............................       974        (170)
                                                           -------     -------
  Net cash flows provided by (used in)
  operating activities..................................     6,650      (6,082)
                                                           -------     -------
CASH FLOWS FROM INVESTING ACTIVITIES
   Equipment & leasehold improvements acquired..........      (461)       (345)
                                                           -------     --------

      Net cash flows used in investing activities.......      (461)       (345)
                                                            -------    --------

CASH FLOWS FROM FINANCING ACTIVITIES
   Revolving credit financing (decrease)
      increase, net.....................................    (1,512)      6,328
   Other, net...........................................        54          90
                                                           -------     -------
      Net cash flows (used in) provided by financing
         activities.....................................    (1,458)      6,418
                                                           -------     -------

Increase (decrease) in cash.............................     4,731          (9)
Cash at beginning of period.............................        54          16
                                                           -------     -------

CASH AT END OF PERIOD...................................   $ 4,785     $     7
                                                           =======     =======
</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 1997 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 April 4, 1998 and March 29, 1997.


NOTE 2 - BASIC AND DILUTED NET INCOME PER SHARE

         In the fourth quarter of 1997, the Company adopted Statement of
         Financial Accounting Standards No. 128, "Earnings per Share," for all
         periods presented. Basic earnings per share computations are determined
         based on the weighted average number of shares outstanding during the
         period. The effect of the exercise and conversion of all securities,
         including stock options are included in the diluted earnings per share
         calculation.

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, 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. In the fourth quarter of 1996, the Company
         established a $3.8 million reserve for estimated pricing deficiency
         liabilities and associated legal costs. As of the end of 1997 and first
         quarter end of 1998, the reserve balance was $3.3 million. The final
         amount of the pricing deficiency adjustment is subject to the outcome
         of contract settlement 

                                       6
<PAGE>
 
NOTE 3 - CONTINGENCIES (CONTINUED)

         discussions which the Company has requested with the governmental
         agencies or to an adjudicated disposition. 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.

                                       7
<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 1998 and 1997.  The table also
shows, for each line item, the percentage change in the 1998 period from the
comparable 1997 period.

<TABLE>
<CAPTION>
                                                     FIRST QUARTER              
                                          -------------------------------       
                                            % OF SALES           % CHANGE       
                                          ---------------     -----------       
                                           1998    1997 
                                           ----    ---- 
<S>                                       <C>      <C>        <C>               
Net sales...............................   100.0%  100.0%         (62)%     
Cost of products sold...................    69.8    86.2          (69)      
                                           -----   -----                    
Gross profit............................    30.2    13.8          (17)      
Selling, general & administrative           28.1    12.6          (15)      
 expenses...............................   -----   -----                    
Operating income........................     2.1     1.2          (38)      
Interest (income) expense, net..........       0      .6         (101)      
                                           -----   -----                    
Income before income taxes..............     2.1      .6           25       
Income tax provision....................      .8      .2           29       
                                           -----   -----                    
Net income..............................     1.3%     .4%          23%      
                                           =====   ===== 
</TABLE>

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

FIRST QUARTER
1998 COMPARED WITH 1997
-----------------------

In the fourth quarter of 1997, the Company exited from its wholesale drug
distribution business to concentrate on its remaining and more profitable
healthcare practitioner business.  The wholesale drug distribution business
generated approximately 60% of the Company's 1997 sales, while the remaining
healthcare practitioner business generated approximately 40% of its sales.
Sales by quarter in 1997 of the healthcare practitioner business were $24.7
million, $27.5 million, $31.4 million and $29.3 million in the first, second,
third and fourth quarters, respectively.

Net sales of $30.9 million for the first quarter of 1998 decreased 62% from the
same quarter of 1997 due to the withdrawal from the wholesale drug distribution
business.  Sales of pharmaceuticals decreased 87% and sales of medical/surgical
supplies increased 13%.  Sales of the healthcare practitioner business for the
1998 quarter were 23% higher than sales for this business in the comparable
quarter of 1997.

For the 1998 quarter, gross profit dollars decreased 17% to $9.3 million. The
gross profit margin rate in the 1998 quarter increased to 30.2% of sales from
13.8% in the
                                       8
<PAGE>
 
same quarter a year earlier. Gross profit margins are higher on medical/surgical
supplies than on pharmaceuticals, and they are higher in the healthcare
practitioner market than in the drug wholesale market.

Selling, general and administrative expenses in the first quarter of 1998
decreased 15% from the quarter a year ago.  The decrease is wholly attributable
to reductions in staff, freight expense and other variable expenses previously
associated with the wholesale drug distribution business.  In the 1997 first
quarter, a pre-tax charge of $220,000 ($.05 per share) was taken in connection
with exiting various federal government supply contracts.

The 1998 quarter benefited significantly from a $523,000 change in interest
charges, due to significant positive cash flows from exiting the wholesale drug
distribution business which have left the Company with no debt and $4.8 million
in cash and equivalents at the end of the first quarter.

Net income for the 1998 quarter increased 23%.  A decrease in gross profit was
more than offset by decreases in selling, general and administrative expenses
and interest expense.  The 1997 charge related to exiting federal government
supply contracts did not recur in the 1998 quarter, which more than accounts for
the entire increase in net income between the two quarters.  Net income in the
1998 first quarter was not significantly affected by any revenues or expenses of
the former wholesale drug distribution business.

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

During the first quarter of 1998, $6.7 million in funds provided by operating
activities were used to pay off the remaining bank debt of $1.5 million, for
capital expenditures of $0.5 million and accounted for an increase of $4.7
million in cash.  Operating activities generated cash of $5.0 million from a
decrease in accounts receivable, $1.0 million from an increase in accounts
payable, $0.4 million from net income, $0.3 million from depreciation and
amortization and $0.5 million from a net change in other assets and liabilities.
Operating activities used cash of $0.6 million to increase inventories.  The
large decrease in accounts receivable was due primarily to the collection of
accounts in connection with exiting from the wholesale drug distribution
business.

The Company's bank financing agreement provides a $10 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
commitment fee on the unused line of credit at a 1/4% annual rate.
Substantially all assets of the Company have been pledged as collateral and the
agreement contains covenants and restrictions relating to 

                                       9
<PAGE>
 
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 capital expenditures will continue to be met through income from
operations and financing available under its line of credit.

FORWARD-LOOKING INFORMATION
---------------------------

From time to time, the Company or its representatives may have made or may make
forward-looking statements, orally or in writing.  Such forward-looking
statements may be included in, but, not limited to, press releases, oral
statements made by or with the approval of an authorized executive officer, or
in this report or other filings made by the Company with the Securities and
Exchange Commission.  The words or phrases "trend," "expect," "grow," "will,"
"could," "likely result," "planned," "continued," "anticipated," "estimated,"
"projected" or similar expressions are intended to identify "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995.  The Company wishes to ensure that such statements are accompanied by
meaningful cautionary statements, so as to maximize to the fullest extent
possible the protections of the safe harbor established in the said Act.
Accordingly, such statements are qualified in their entirety by reference to and
are accompanied by the following discussion of certain important factors that
could cause actual results to differ materially from such forward-looking
statements.

Investors should also be aware of factors that could have an impact on the
Company's business or financial position or performance.  These include
possible: pressures on revenues resulting, for example, from customer
consolidations or changes in customer buying patterns; intensified competition
resulting, for example, from distributor consolidations or pricing pressures
from distributors able to benefit from economies of scale or other operating
efficiencies; disruptions in services on which the Company is dependent, such as
by truckers in deliveries from its suppliers, by UPS or other common carriers in
deliveries to its customers, by its catalog printers or in telecommunication
services, or relating to its computer systems; unfavorable outcomes of
litigation to which the Company may become a party; and other factors detailed
from time to time in the Company's Securities and Exchange Commission filings or
other readily available or generally disseminated writings.  The risks
identified here are not all inclusive.  Reference is also made to other parts of
this report that include additional information concerning factors that could
adversely impact the Company's business or financial position or performance.
Moreover, the Company operates in a changing and very competitive business
environment.  New risks may emerge from time to time, and it is not possible for
management to predict all risk factors, nor can it necessarily identify or
assess the impact of all such factors on the Company or the extent to which any
factor or combination of factors may cause actual results to differ materially
from those contained in any forward-looking statements.  Accordingly, forward-
looking statements should not be relied upon as a prediction of actual results.

                                       10
<PAGE>
 
PART II. OTHER INFORMATION
         -----------------

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

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

             10.9(a). 1998 Corporate Vice Presidents' Bonus Plan (Revised).
 
             27. Financial Data Schedule.


         (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/ Susan G. D'Amato
    -----------------------------           ----------------------------  
     John A. Murray                         Susan G. D'Amato
     Vice President - Finance and           Controller and Chief
       Chief Financial Officer                 Accounting Officer
     May 18, 1998                           May 18, 1998

                                       11