FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

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

                  For the quarterly period ended June 30, 2000

                                       OR

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

       For the transition period from .................to.................

                        Commission file number 001-12965

                            ZEVEX INTERNATIONAL, INC.
               (Exact name of registrant as specified in charter)

          DELAWARE                                       87-0462807
(State or other jurisdiction Of                       (I.R.S. Employer
Identification No.) organization)                     incorporation or



                   4314 ZEVEX Park Lane, Salt Lake City, Utah 84123
                     (Address of principal executive offices and zip code)

                                 (801) 264-1001
                                 --------------
              (Registrant's telephone number, including area code)

                                 NOT APPLICABLE

(Former name, former address, and former fiscal year, if changed since last
report)

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

                APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
                   PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Indicate  by check mark  whether  the  registrant  has filed all  documents  and
reports  required  to be filed by  Sections  12,  13 or 15(d) of the  Securities
Exchange Act of 1934 subsequent to the  distribution of securities  under a plan
confirmed by a court.

Yes  [   ]    No  [   ]    Not Applicable  [ X ]

                      APPLICABLE ONLY TO CORPORATE ISSUERS
Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common  stock,  as of the latest  practicable  date.  As of August 7, 2000,  the
Company had outstanding  3,439,314  shares of common stock, par value $0.001 per
share.


<PAGE>





                                                     See accompanying notes.




<PAGE>


                                     PART I

                              FINANCIAL INFORMATION

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

               ITEM 1. FINANCIAL STATEMENTS REQUIRED BY FORM 10-Q
-------------------------------------------------------------------------------

ZEVEX  International,  Inc. (the "Company") files herewith balance sheets of the
Company as of June 30, 2000 and December 31, 1999, and the related statements of
operations and cash flows for the  respective  three month and six month periods
ended June 30, 2000 and 1999.  In the opinion of the Company's  management,  the
financial statements reflect all adjustments,  all of which are normal recurring
adjustments,  necessary to fairly present the financial condition of the Company
for the interim periods  presented.  The financial  statements  included in this
report on Form 10-Q should be read in  conjunction  with the  audited  financial
statements of the Company and the notes thereto included in the annual report of
the Company on Form 10-K for the year ended December 31, 1999.


<PAGE>


                                                    ZEVEX INTERNATIONAL, INC.
                                                   CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
<S>                                                                        <C>                         <C>        <C>


                                                                            June 30                     December 31

                                                                             2000                          1999
                                                                             -----                         ----
                                                                          (unaudited)
                                                       ASSETS

Current assets:
              Cash and cash equivalents                                      $  963,821                   $ 3,383,544
              Restricted cash for sinking
                 fund payment on IDB                                             38,538                        86,549
              Accounts receivable                                             7,173,295                     5,843,229
              Inventories                                                     7,762,721                     5,119,291
              Marketable securities                                           2,361,087                     3,224,817
              Other current assets                                               22,523                        26,859
              Prepaid expenses
                                                                                 35,825                        33,554
                                                                                 ------                        ------
                              Total current assets                           18,357,810                    17,717,843

              Property and equipment, net                                     7,289,800                     5,333,577
              Patents, trademarks and acquisition costs, net                    350,319                       349,354
              Goodwill, net                                                  11,383,427                    10,642,304
              Other assets
                                                                                 73,686                         6,611
                                                                                 ------                         -----
                                                                           $ 37,455,042                  $ 34,049,689
                                                                           ============                  ============

                                         LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
              Accounts payable                                              $ 3,761,231                   $ 1,134,946
              Other accrued expenses                                            560,531                       731,852
              Income taxes payable                                              183,656                       957,309
              Bank lines of credit                                            1,703,110                     1,613,453
              Current portion of long-term debt                               2,100,304                     1,234,483
              Deferred income taxes                                                                           110,276
                                                                        ----------                     --------------
                                                                                 43,104

                              Total current liabilities                       8,351,936                     5,782,319

             Deferred income taxes                                                  --                          6,648
             Industrial development bond                                     1,600,000                      1,700,000
             Convertible debt, long-term                                     5,440,275                      5,470,000
             Other long-term liabilities                                        77,724                             --

Stockholders' equity:
              Common stock, $.001 par value;
                 10,000,000 shares authorized; 3,439,314
              and                       3,420,726issued and outstanding
              shares at June 30, 2000
                 and December 31,1999, respectively                               3,439                         3,421
              Additional paid in capital                                     16,287,938                    16,212,966
              Unrealized gain on  marketable securities, net                    278,348                       331,484
              Retained earnings

                                                                              5,415,382                     4,542,851
                                                                              ---------                     ---------
                                           Total

              stockholders' equity                                           21,985,107                    21,090,722
                                                                             ----------                    ----------
                                                                           $ 37,455,042                  $ 34,049,689
                                                                           ============                  ============

</TABLE>


<PAGE>



                                                    ZEVEX INTERNATIONAL, INC.
                                                     STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
<S>                                  <C>         <C>                        <C>    <C>                <C>                        <C>




                                                  Three months ended                                    Six months ended
                                                       June 30,                                             June 30,


<PAGE>


                                             2000                   1999                     2000                       1999
                                      -------------------     -----------------       -------------------       --------------------


<PAGE>


                                        (unaudited)            (unaudited)              (unaudited)                (unaudited)


Revenue:
   Product sales                          $  8,931,666           $  5,079,335             $  14,347,438               $  9,377,562
   Engineering services                        105,933                402,069                   348,208                    765,295
                                      -----------------     ------------------       -------------------       --------------------
Total revenue                                9,037,599              5,481,404                14,695,646                 10,142,857
Cost of sales                                5,821,822              2,991,430                 8,950,436                  5,378,537
                                      -----------------     ------------------       -------------------       --------------------
Gross profit                                 3,215,777              2,489,974                 5,745,210                  4,764,320

Operating expenses:
  General and administrative                 1,228,617              1,028,428                 2,451,624                  2,073,380
  Selling and marketing                        652,136                579,292                 1,234,163                  1,107,735
  Goodwill amortization                        143,481                154,206                   270,266                    308,412
  Research and development                     144,230                169,683                   360,213                    298,745
                                      -----------------     ------------------       -------------------       --------------------

Total operating expenses                     2,168,464              1,931,609                 4,316,266                  3,788,272

Operating income                             1,047,313                558,365                 1,428,944                    976,048
Other income (expense):
   Interest and other income                    44,870                 33,821                    82,839                     88,590
   Interest expense                          (156,143)              (115,104)                 (297,856)                  (220,134)
   Gain on sale of
    marketable securities                           --                     --                   298,048
   Unrealized gain on
     marketable securities                          --                     --                        --                     87,903
                                      -----------------     ------------------       -------------------       --------------------
Income before provision for
   income taxes                                936,040                477,082                 1,511,975                    932,407

Provision for income taxes                   (383,524)              (171,087)                 (639,444)                  (338,644)
                                      -----------------     ------------------       -------------------       --------------------

Net income                                 $   552,516            $   305,995               $   872,531                $   593,763
                                      =================     ==================       ===================       ====================

Basic net income per share                  $      .16             $      .09                $      .25                 $      .17
                                      =================     ==================       ===================       ====================
Weighted average shares

   outstanding                               3,436,995              3,413,371                 3,429,881                  3,412,777
                                      =================     ==================       ===================       ====================

Diluted net income per share                       .15                    .09                       .23                        .17
                                      =================     ==================       ===================       ====================
Diluted weighted average shares
   outstanding                               3,698,171              3,430,125                 3,728,419                  3,439,283
                                      =================     ==================       ===================       ====================
</TABLE>





See accompanying notes.




                            ZEVEX INTERNATIONAL, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
<CAPTION>
<S>                                                               <C>    <C>           <C>           <C>

                                                                           Six months ended
                                                                               June 30,
                                                                        2000                1999
                                                                   ---------------     ---------------
                                                                    (unaudited)         (unaudited)
Cash flows from operating activities

Net income                                                             $  872,531          $  593,763
Adjustments  to  reconcile  net  income  to net  cash  (used  in)
provided by operating activities:
      Depreciation and amortization                                       761,779             665,078
      Deferred income taxes                                              (42,210)              68,503
      Unrealized loss on marketable securities                                 --              93,609
      Realized gain on marketable securities                            (298,048)                  --
      Changes in operating assets and liabilities:
         Decrease in restricted cash for sinking fund payment
            on industrial development bond                                 48,011             146,757
         Increase in accounts receivable                              (1,330,066)         (1,066,776)
         Decrease in trading securities                                   313,993             641,515
         Increase in inventories                                      (2,643,430)           (168,027)
         (Increase) decrease in prepaid expenses                          (2,271)               6,211
         (Increase) decrease in other assets                             (62,739)              35,289
         Increase in accounts payable                                   2,626,285             100,845
         Decrease in accrued and other liabilities                       (93,597)             (9,924)
         (Decrease) increase in income taxes payable                    (773,653)             201,247
                                                                   ---------------     ---------------
Net cash (used in) provided by operating activities                     (623,415)           1,308,090
Cash flows from investing activities
Purchase of property and equipment                                      (859,693)           (406,138)
Additions of patents and trademarks                                      (14,305)             (2,270)
Purchase of product line                                              (2,586,092)                  --
Redemption of available-for-sale marketable securities                    763,039                  --
                                                                   ---------------     ---------------
Net cash used in investing activities                                 (2,697,051)           (408,408)
Cash flows from financing activities
Payments on debt related to business acquisitions                     (1,163,904)         (4,680,239)
Issuance of debt related to product line acquisition                    2,000,000                  --
Repurchase of common stock warrants                                            --         (1,175,000)
Repayment  on industrial development bond                               (100,000)           (100,000)
Proceeds from/(repayment) on bank line of credit                           89,657           (392,993)
Proceeds from exercise of stock options                                    74,990               5,175
                                                                   --------------- --- ---------------
Net cash provided by (used in) financing activities                       900,743         (6,343,057)
                                                                   ---------------     ---------------
Net decrease in cash and cash equivalents                             (2,419,723)         (5,443,375)
Cash and cash equivalents at beginning of period                        3,383,544           7,960,511
                                                                   ---------------     ---------------
Cash and cash equivalents at end of period                              $ 963,821         $ 2,517,136
                                                                   ===============     ===============

Supplemental disclosure:
Non-cash activities

Unrealized loss on available-for-sale marketable securities             $  84,746                  --

</TABLE>


See accompanying notes.


<PAGE>





                            ZEVEX INTERNATIONAL, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                  June 30, 2000

1.  Summary of Significant Accounting Policies

Description of Organization and Business

The Company was  incorporated  under the laws of the State of Nevada on December
30, 1987. The Company was originally incorporated as Downey Industries, Inc. and
changed its name to ZEVEX  International,  Inc. on August 15, 1988.  In November
1997,  the Company  reincorporated  into  Delaware.  During 1998,  the Company's
operations consisted of the business of its wholly-owned subsidiary, ZEVEX, Inc.
In December 1998, the Company acquired an additional  product line and completed
the  acquisition of two additional  subsidiaries,  Aborn  Electronics,  Inc. and
JTech  Medical  Industries,   Inc.  In  April  2000,  the  Company  completed  a
transaction with Nestle Clinical Nutrition, a division of Nestle USA, to acquire
Nestle USA's installed base of approximately 20,000 stationary enteral pumps and
will replace  Nestle as the supplier of  disposable  sets,  feeding  tubes,  and
accessories  to  such  base.  The  Company  and  its  subsidiaries   design  and
manufacture  advanced  medical  devices,   including  surgical  systems,  device
components,   and  sensors  for  other  companies.   The  Company's  design  and
manufacturing  service  customers are primarily  medical  technology  companies,
which sell the Company's systems and devices under private labels or incorporate
the Company's devices into their products. The Company and its subsidiaries also
design,  manufacture,  and market their own medical  devices  using  proprietary
technologies.

Principles of Consolidation

The consolidated balance sheets at June 30, 2000 and December 31, 1999 include
the accounts of ZEVEX International, Inc. (Company) and its wholly-owned
operating subsidiaries, ZEVEX, Inc., Aborn Electronics, Inc., and JTech Medical
Industries, Inc. All significant intercompany balances and transactions have
been eliminated in consolidation.

Basis of Presentation

The  accompanying  financial  statements  have been prepared in accordance  with
generally accepted accounting principles for interim financial information along
with the  instructions  to Form 10-Q of  Regulation  S-X.  Accordingly,  certain
information and footnote  disclosures  normally  included in complete  financial
statements have been condensed or omitted.  These financial statements should be
read in conjunction with the financial statements and footnotes thereto included
in the Company's 1999 Annual Report on SEC Form 10-K.

In the  opinion  of  management,  all  adjustments  (consisting  of  normal  and
recurring  adjustments)  considered  necessary for a fair presentation have been
included.  The results of operations  for interim  periods are not indicative of
the results of operations to be expected for a full year.

New Accounting Pronouncements

In December 1999, the Securities and Exchange Commission issued Staff Accounting
Bulletin (SAB) 101, Revenue Recognition in Financial  Statements.  The effective
date of SAB  101 is the  fourth  quarter  of the  fiscal  year  beginning  after
December 15, 1999. The SAB clarifies proper methods of revenue recognition given
certain circumstances  surrounding sales transactions.  The Company continues to
evaluate  the  impact of SAB 101,  but  believes  it is in  compliance  with the
provision  of the  SAB  and,  accordingly,  does  not  expect  SAB 101 to have a
material effect on its financial statements.

2.  Bank Line of Credit

The Company renewed its line of credit arrangement with a financial  institution
with  availability of $5 million.  The line matures on May 29, 2001. The line of
credit is collateralized by accounts receivable and inventory and bears interest
at the prime  rate,  9.5% at June 30, 2000 and 8.5% at December  31,  1999.  The
Company's  balance on its line of credit  was  $1,703,110  at June 30,  2000 and
$1,613,453 at December 31, 1999. Under the line of credit agreement, the Company
is restricted from declaring cash dividends.  In addition, the Company's line of
credit contains certain  financial  covenants.  As of June 30, 2000, the Company
was in compliance with these financial covenants.

3.  Repurchase of Common Stock

On June 14, 1999,  the Company  repurchased  470,0000  outstanding  Common Stock
Warrants for $1,175,000. In December 1999, the Company repurchased 10,000 shares
of  outstanding  Common Stock for $45,731 which the Company  contributed  to the
Employees' Stock Ownership Plan.

4.  Related Party Transactions

On December 31, 1998,  the Company  acquired  JTech pursuant to a Stock Purchase
Agreement among the Company and the four shareholders of JTech (the "JTech Stock
Purchase").  Leonard C. Smith, one of the selling JTech  shareholders,  received
$1,257,900  in cash and a  convertible  debenture in  connection  with the JTech
Stock  Purchase.  The  convertible   debenture,   in  the  principal  amount  of
$1,290,000,  is due January 6, 2002 and is  convertible  at Mr.  Smith's  option
during the period from  January 6, 2000 to January 6, 2002 at $11 per share.  On
April 3, 2000 Mr. Smith received $73,594 in cash and a convertible  debenture in
the principal amount of $73,594,  in connection with the earn-out portion of the
JTech Stock Purchase.  The convertible  debenture,  is due March 31, 2002 and is
convertible at Mr. Smith's option during the period from March 31, 2000 to March
31, 2002 at $11 per share.

JTech also entered into an  Employment  Agreement  with Leonard C. Smith,  dated
December 31, 1998, which provides that Mr. Smith serve as President of JTech for
three  years at a salary  of  $100,000  per  year.  Pursuant  to the  employment
agreement,  Mr. Smith also  received an option to purchase  40,000 shares of the
Company's  common  stock,  vesting  over four  years,  at $4.875 per share,  the
closing  price of such stock on Nasdaq on the date of the JTech Stock  Purchase.
Mr. Smith was appointed to fill a vacancy on the  Company's  Board of Directors,
effective  April 26, 1999. Mr. Smith's term on the Board will expire at the 2001
annual meeting of shareholders.

5.       Comprehensive Income

Effective January 1, 1998, the Company adopted Statement of Financial Accounting
Standards  ("SFAS")  No. 130,  "Reporting  Comprehensive  Income".  SFAS No. 130
requires that all items recognized  under accounting  standards as components of
comprehensive  income be  reported  in an  annual  financial  statement  that is
displayed with the same prominence as other annual  financial  statements.  This
statement  also requires that an entity  classify  items of other  comprehensive
income by their nature in an annual  financial  statement.  Other  comprehensive
income may include  foreign  currency  translation  adjustments,  and unrealized
gains and losses on marketable securities classified as available-for-sale.  For
the  three  months  and  six  months   ending  June  30,  2000,   the  Company's
comprehensive income was $140,198 and $53,136 (net of tax effect) lower than net
income reported on the Company's financial statements.  For the three months and
six months ending June 30, 1999, the Company's  comprehensive income was $16,198
and $93,609 (net of tax effect) higher than net income reported on the Company's
financial statements.

6. Inventories
<TABLE>
<CAPTION>
<S>                                                   <C>                <C>                <C>


Inventories consist of the following:
                                                        June 30, 2000      December 31, 1999
                                                      ------------------------------------------

Materials                                                $    3,250,114     $    2,228,174
Work in Progress                                              2,794,846          1,867,894
Finished goods, including completed subassemblies             1,717,761          1,023,223
                                                      ------------------------------------------
                                                         $    7,762,721     $    5,119,291
                                                      ==========================================
</TABLE>


7. Net Income Per Common Share

Basic net income per common share is  calculated  by dividing net income for the
period  by  the   weighted-average   number  of  the  Company's   common  shares
outstanding.

Diluted net income per common share  includes the dilutive  effect of options in
the  weighted-average  number of the  Company's  common  shares  outstanding  as
calculated using the treasury stock method.


<PAGE>


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

                 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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

Results of Operations

The Company's  revenues for the second  quarter ended June 30, 2000 increased to
$9,037,599  from  $5,481,404  for the second  quarter of 1999,  an  increase  of
approximately  65%. For the first six months of 2000,  revenues increased 45% to
$14,695,646  from  $10,142,857 for the six months ended June 30, 1999.  Sales of
the  Company's   proprietary   enteral  feeding   products  line  accounted  for
approximately 45% of the total revenues for the second quarter of 2000, compared
to 32% for the second quarter of 1999, and 38% for the first six months of 2000,
compared to 33% for the six months  ended June 30,  1999.  The  increase in both
revenue dollars and percentage of revenues was largely due to the acquisition of
the enteral nutrition delivery device product line of Nestle Clinical Nutrition,
which was completed on April 6, 2000. Sales of the Company's  proprietary  JTech
product line,  accounted  for  approximately  10% of the total  revenues for the
second  quarter  of 2000  compared  to 13%  for  the  second  quarter  of  1999.
Forty-five percent of the Company's revenues in the second quarter 2000, and 50%
for the first six months of 2000 compared to 51% for the second quarter of 1999,
were from products  manufactured  for and sold to OEM customers,  who market the
final  product.  During  the first six  months  of 2000,  28% of total  revenues
resulted from sales to two OEM  customers,  one of which was a major customer in
1999,  compared to 14% of total revenues for the first six months of 1999,  from
sales to one customer.  The Company's  manufacturing revenue growth depends upon
growth in demand for systems,  devices,  and instruments  manufactured by ZEVEX,
and ZEVEX's ability to acquire additional  manufacturing  service contracts from
medical  technology  companies.  ZEVEX's contract  manufacturing  customers have
complete   control  over  the   marketing  and  sales  of  products  that  ZEVEX
manufactures  for them.  ZEVEX has no ability to increase demand for instruments
that it manufactures for its contract-manufacturing customers. No assurances can
be given that orders from any customer will increase or remain at current levels
or that they will not decline.

With the completion of the  acquisition of the Nestle  enteral  delivery  device
product  line,  the Company  will no longer  sell  stationary  feeding  pumps to
Nestle.  Instead, the Company will generate more revenue then that expected from
pump  sales  to  Nestle  from  the sale of  disposable  devices  to users of the
approximately 20,000 feeding pumps acquired from Nestle. The pumps acquired from
Nestle are being used by persons and  businesses  that have an obligation to buy
disposable   products   from  the  Company  while  they  are  using  the  pumps.
Additionally,  the Company plans to place more stationary feeding pumps with new
users (at little or no cost to the user) under  similar  arrangements  where the
pump users commit to buy  disposable  products  from the Company while using the
pumps.

The Company's gross profit as a percentage of revenues was approximately 36% for
the three months  ended June 30, 2000 as compared to 45% for 1999.  Gross profit
for the six months ended June 30, 2000 was approximately 39% compared to 47% for
the same period in 1999.  Management  attributes  the  decrease in gross  profit
percentage year over year to several matters, including startup costs related to
bringing  in-house the manufacturing of the Enteral EZ enteral feeding pump, the
servicing of the Nestle N2200 pumps acquired as mentioned above,  which included
labor,  tooling and setup costs for non-recurring  engineering  (NRE), the lower
margin product line acquired from Nestle,  and a shift in the revenue mix of its
products to lower margin  complete  system  instrumentation  shipped  during the
second quarter and the first six months of 2000.

Selling, general and administrative expenses for the three months ended June 30,
2000 increased $273,033,  from $1,607,720 in 1999 to $1,880,753 in 2000. For the
six months  ended June 30, 2000  selling,  general and  administrative  expenses
increased  $504,672 from  $3,181,115  in 1999 to  $3,685,787 in 2000.  Increased
expenses  resulted  from the  Company's  continuing  growth,  an expanded  sales
effort, customer relations and marketing effort, and increased staffing, travel,
advertising and  administrative  expenses  related to the Company's  proprietary
clinical  nutrition  delivery  product line and JTech product lines. The Company
also incurred  expenses related to the acquisition of the Nestle enteral feeding
delivery product line which closed April 6, 2000.  Expenses included  increasing
the  number of  customer  service  and  administrative  personnel  needed by the
Company to handle the  increased  volume of orders from the Nestle  transaction.
The  Company  also had an increase in  expenses  related to  employees,  such as
insurance,  taxes, and pension  benefits.  The Company believes that general and
administrative   expenses  in  2000  as  related  to  sales  will   continue  at
approximately the same percentage as in the previous two years.

Research and development  expenses vary from quarter to quarter depending on the
number and nature of pending research and development projects and their various
stages of  completion.  For the three months  ended June 30, 2000,  research and
development  expenses  were $144,230  compared to $169,683 in 1999.  For the six
months ended June 30, 2000,  research and  development  expenses  were  $360,213
compared to $298,745 in 1999.  Expenses  incurred  during the second quarter and
for the six months ended June 30, 2000 were for the continued development of new
applications  of the Company's  ultrasound  technology,  clinical  nutrition and
JTech  proprietary  products.  Management  believes  investing  in research  and
development  will serve the Company's  future well, and intends to continue this
investment for the foreseeable  future.  Management  currently  anticipates that
research and development expenses will continue during 2000 at approximately the
same percentage of revenues as in the previous two years.

For the three months ended June 30, 2000 the Company had net income of $552,516,
6.1% of revenues,  compared to net income of $305,995, or 5.6% of revenues,  for
the three months  ended June 30, 1999.  Net income for the six months ended June
30, 2000, increased to $872,531, or 5.9% of revenues,  from $593,763, or 5.9% of
revenues  for the six months  ended June 30,  1999.  The  increase in net income
during the second quarter of 2000, as compared to the second quarter of 1999, is
principally  due to increased  revenues.  The increase in net income  during the
first six months of 2000, as compared to the first six months of 1999, is due to
increased  revenues and partially due to the gain on the sale of securities that
were received as payment from customers on previous system design contracts.

As of June 30, 2000, the Company's backlog of customer orders was $6,361,000, as
compared to $5,645,000 on June 30, 1999. Management estimates that approximately
80% of the backlog  will be shipped  before  December 31,  2000.  The  Company's
backlog is for contract  manufacturing  only and can be drastically  affected by
the timing of annual or semi-annual purchase orders placed by its customers.

Liquidity and Capital Resources

During the three months and six months ended June 30, 2000, the Company produced
net income of $552,516  and  $872,531,  respectively,  compared to net income of
$305,995  and  $593,763 for the three months and six months ended June 30, 1999.
Cash  decreased by  $2,419,723  for the six months  ending June 30, 2000, as the
Company made payments on short-term notes related to JTech and Aborn acquisition
earn-outs,  made  necessary  tax  payments,  continued  to fund an  increase  in
accounts  receivable  and  inventories,  as  well  as  purchases  of  plant  and
equipment.

The  Company's  investment in property,  patents from new research,  production,
test equipment and tooling, and the assets acquired from Nestle USA as described
previously was  $3,460,090  for the six months ended June 30, 2000,  compared to
$406,138  for the six  months  ended  June  30,  1999.  Total  expenditures  for
equipment  of  $859,693  in the first six months of 2000 were  primarily  due to
approximately  $250,000 for a new accounting and MRP system  including  hardware
and  software,  $230,000  for  upgrading  and  providing  the  Company  with new
research,  design,  and  engineering  equipment and $390,000 for new  stationary
enteral  feeding  pumps.  Total  expenditures  for Nestle the  acquisition  were
$2,586,092,  which included  stationary enteral feeding pumps,  tooling,  patent
license,  customer lists and pump bilateral  agreements.  The Company expects to
spend   approximately   $300,000  for  the  remainder  of  2000  for  additional
manufacturing  equipment and software,  as well as for normal replacement of old
equipment.  The Company also  anticipates  approximately  $300,000 of additional
research and development expenses during 2000.

On March 29, 2000,  the Company  entered  into an  agreement to acquire  certain
assets from Nestle USA, Inc.  relating to Nestle's  enteral  nutrition  delivery
devices.  The purchase was completed on April 6, 2000 for a purchase  price that
will range from $1.5 million to approximately $2.7 million, depending upon sales
generated by the acquired  assets during the 12 months  following the closing of
the  purchase,  plus the actual cost of inventory  acquired by the Company which
iwas approximately $1,200,000.  Upon closing, cash of $500,000 was paid, with an
additional $1 million due six months from closing. The remainder of the purchase
price will be settled  upon  resolution  of  contingencies  within the  purchase
agreement.  The Company also anticipates spending approximately $500,000 for the
manufacturing of stationary  enteral feeding pumps during the remainder of 2000.
These pumps will be leased,  rented or placed as part of  arrangements  in which
pump users will agree to periodically  purchase related disposable products from
the Company for use with the pumps.

The  Company's  working  capital at June 30,  2000 was  $10,005,873  compared to
$11,935,524 at December 31, 1999. The portion of working capital  represented by
cash at such dates was $963,821 and $3,383,544,  respectively.  The Company uses
substantial  portions  of its cash  from  time to time to fund  its  operations,
including  increases in inventories,  accounts receivable and work in process in
connection with various customer  orders.  The Company feels its working capital
is sufficient for operations for the next twelve months.


<PAGE>


Cautionary Statement for Purposes of "Safe Harbor Provisions" of the Private
Securities Litigation Reform Act of 1995

When used in this report, the words "estimate," "believe," "project" and similar
expressions,  together with other  discussion  of future trends or results,  are
intended to identify  forward-looking  statements  within the meaning of Section
27A of the Securities Act of 1933, as amended (the "Securities Act") and Section
21E of the  Securities  Exchange Act of 1934, as amended (the  "Exchange  Act").
Such statements are subject to certain risks and uncertainties,  including those
discussed below, that could cause actual results to differ materially from those
projected.  These  forward-looking  statements speak only as of the date hereof.
All of these  forward-looking  statements are based on estimates and assumptions
made by management of the Company, which although believed to be reasonable, are
inherently uncertain and difficult to predict.  Therefore, undue reliance should
not be placed upon such  estimates.  There can be no assurance that the benefits
anticipated in these forward-looking  statements will be achieved. The following
important  factors,  among  others,  could  cause the Company not to achieve the
benefits  contemplated  herein,  or  otherwise  cause the  Company's  results of
operations  to be  adversely  affected  in  future  periods:  (i)  continued  or
increased competitive pressures from existing competitors and new entrants; (ii)
unanticipated  costs related to the Company's  growth and operating  strategies;
(iii) loss or retirement of key members of management; (iv) increase in interest
rates of the Company's  cost of borrowing,  or a default under any material debt
agreement;  (v) prolonged labor disruption;  (vi) deterioration,  in general, of
regional  economic  conditions;  (vii) adverse state or federal  legislation  or
regulation  that  increases  the cost of  compliance,  or adverse  findings by a
regulator with respect to existing  operations;  (viii) loss of customers;  (ix)
adverse  determinations in connection with pending or future litigation or other
material  claims and  judgments  against the Company;  (x)  inability to achieve
future sales;  and (xi) the  unavailability  of funds for capital  expenditures.
Many of such factors are beyond the control of the Company.  Please refer to the
Company's  SEC  Form  10-K for its  fiscal  year  ended  December  31,  1999 for
additional cautionary statements.

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                 ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE
                                ABOUT MARKET RISK

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

No  significant  changes in market risk have occurred  since  December 31, 1999.
Please refer to the Company's  SEC Form 10-K for its fiscal year ended  December
31, 1999 for additional discussions on market risks.


<PAGE>


                                     PART II

Item 1.  Legal Proceedings - None.
Item 2.  Changes in Securities and Use of Proceeds.

         During the period  ending June 30,  2000,  there were 18,588  shares of
Common  Stock issued  pursuant to exercise of stock  options by employees of the
Company. The exercise price on such shares ranged from $2.50 to $5.00 per share.
The shares  issued  upon  exercise of the  options  were issued  pursuant to the
exemption from registration under SEC Rule 505.

Item 3.  Defaults upon Senior Securities - None.
Item 4.  Submission of Matters to a Vote of Security Holders - None.
Item 5.  Other Information - None.
Item 6.  Exhibits and Reports on Form 8-K.

         (a)      Exhibits

         The following  exhibits are attached hereto or are incorporated  herein
         by reference as indicated in the table below:

         Exhibit                                   Location if other
          No.     Title of Document               than attached hereto
         ------   -----------------               --------------------

         3.01*    Certificate of Incorporation    Amendment No. 1 to Form S-1,
                                                     filed October 24, 1997

         3.02*    Bylaws                             1997 Form 10-K

27.1     Financial Data Schedule

         (b)      Reports on Form 8-K

                  No reports on Form 8-K were  filed by the  Company  during the
quarter ended June 30, 2000.

* Denotes exhibits  specifically  incorporated in this Form 10-Q by reference to
other  filings of the  Company  pursuant to the  provisions  of  Securities  and
Exchange  Commission  rule  12b-32 and  Regulation  S-B,  Item  10(f)(2).  These
documents are located under File No.  001-10287 at, among other  locations,  the
Securities and Exchange Commission,  Public Reference Branch, 450 5th St., N.W.,
Washington, D.C. 20549.

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                                   SIGNATURES

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Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the  Registrant  has duly  caused  this report to be signed on its behalf by the
undersigned thereunto duly authorized.

ZEVEX INTERNATIONAL, INC.

Dated:  August 11, 2000
                           By /s/ Dean G. Constantine

                              Dean G. Constantine, President
                             (Chief Executive Officer)

                           By /s/ Phillip L. McStotts

                              Phillip L. McStotts, Secretary
                              (Principal Financial Officer)