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 March 31, 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 001-1296

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

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

                      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 May 12, 2000, the Company
had outstanding 3,433,925 shares of common stock, par value $0.001 per share.


<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 March 31, 2000, and December 31, 1999, and the related  statements
of operations and cash flows for the respective  three month periods ended March
31, 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>

                                                                            March 31                    December 31

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

Current assets:
              Cash and cash equivalents                                     $ 3,036,164                   $ 3,383,544
              Restricted cash for sinking
                 Fund payment on IDB                                            112,728                        86,549
              Accounts receivable                                             5,987,527                     5,843,229
              Inventories                                                     6,243,178                     5,119,291
              Marketable securities                                           2,839,505                     3,224,817
              Other current assets                                               16,648                        26,859
              Prepaid expenses
                                                                                 29,694                        33,554
                                                                                 ------                        ------
                              Total current assets                           18,265,444                    17,717,843

              Property and equipment, net                                     5,302,080                     5,333,577
              Patents, trademarks and acquisition costs, net                    351,229                       349,354
              Goodwill, net                                                  10,459,923                    10,642,304
              Other assets
                                                                                 16,285                         6,611
                                                                                 ------                         -----
                                                                           $ 34,394,961                  $ 34,049,689
                                                                           ============                  ============

                       LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
              Accounts payable                                              $ 2,095,341                   $ 1,134,946
              Other accrued expenses                                            538,126                       731,852
              Income taxes payable                                              445,187                       957,309
              Bank lines of credit                                            1,214,134                     1,613,453
              Current portion of long-term debt                              1,204,758                      1,234,483
              Deferred income taxes                                                                           110,276
                                                                        ----------                     --------------
                                                                               128,771

                              Total current liabilities                       5,626,317                     5,782,319

             Deferred income taxes                                                  --                          6,648
             Industrial development bond                                     1,700,000                      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: authorized
              10,000,000  shares, issued 3,433,925 and 3,420,726
              respectively at March 31, 2000 and December 31,1999                 3,434                         3,421
              Additional paid in capital                                     16,265,798                    16,212,966
              Unrealized gain on  marketable securities, net                    418,546                       331,484
              Retained earnings

                                                                              4,862,867                     4,542,851
                                                                              ---------                     ---------
                                           Total

              stockholders' equity                                           21,550,645                    21,090,722
                                                                             ----------                    ----------
                                                                           $ 34,394,961                  $ 34,049,689
                                                                           ============                  ============
See accompanying notes.
</TABLE>


<PAGE>





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


                                                 Three months ended
                                                      March 31,
                                              2000                 1999
                                        -----------------     ----------------
                                          (unaudited)           (unaudited)
Revenue:
   Product sales                            $  5,415,772      $     4,298,226

   Engineering services                          242,275              363,227
                                        -----------------     ----------------
                                               5,658,047            4,661,453
Cost of sales                                  3,128,614            2,387,107
                                        -----------------     ----------------
Gross profit                                   2,529,433            2,274,346

Operating expenses:
   General and administrative                  1,223,007            1,050,827
   Selling and marketing                         582,027              529,443
   Goodwill amortization                         126,785              147,331
   Research and development                      215,983              129,062
                                        -----------------     ----------------

Total operating expenses                       2,147,802            1,856,663

Operating income                                 381,631              417,683
Other income (expense)
   Interest income                                37,969               54,769
   Interest expense                            (141,713)            (105,030)
   Gain on sale of
    marketable securities                        298,048                 --

   Unrealized gain on
    marketable securities                            --               87,903
                                        -----------------     ----------------
Income before provision for
   income taxes                                  575,935              455,325

Provision for income taxes                     (255,920)            (167,557)
                                        -----------------     ----------------

Net income                                   $   320,015      $      287,768
                                        =================     ================

Basic net income per share                    $      .09      $          .08
                                        =================     ================
Weighted average shares

   outstanding                                 3,422,767            3,412,176
                                        =================     ================
Diluted net income per share
                                              $      .09      $           .08
                                        =================     ================
Diluted weighted average shares
   outstanding                                 3,766,946            3,624,475
                                        =================     ================


See accompanying notes.
</TABLE>


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

                                                                          Three months ended
                                                                               March 31,
                                                                        2000                1999
                                                                   ---------------     ---------------
                                                                    (unaudited)         (unaudited)
Cash flows from operating activities

Net income                                                             $  320,015          $  287,768
Adjustments   to  reconcile  net  income  to  net  cash  used  in
operating activities:
      Depreciation and amortization                                       318,656             328,567
      Deferred income taxes                                              (39,946)              81,395
      Realized gain on marketable securities                            (298,048)                  --
      Changes in operating assets and liabilities:
         Increase in restricted cash for sinking fund payment
            on industrial development bond                               (26,179)            (27,092)
         Increase in accounts receivable                                (144,298)           (808,590)
         Decrease in trading securities                                   313,993                  --
         Increase in inventories                                      (1,123,887)           (217,788)
         Decrease (increase) in prepaid expenses                            3,860            (14,567)
         Decrease in other assets                                             537              12,238
         Increase in accounts payable                                     960,395              57,046
         (Decrease) increase in accrued and other liabilities           (116,002)              20,770
         (Decrease) increase in income taxes payable                    (512,122)              49,701
                                                                   ---------------     ---------------
Net cash used in operating activities                                   (343,026)           (230,552)
Cash flows from investing activities

Purchase of property and equipment                                      (157,646)           (191,214)
Additions of patents and trademarks                                       (8,457)               (660)
Redemption of available-for-sale marketable securities                    508,223           1,068,451
                                                                   ---------------     ---------------
Net cash provided by investing activities                                 342,120             876,557
Cash flows from financing activities
Payments on debt related to business acquisitions                              --         (4,204,500)
Proceeds from bank line of credit                                              --             492,839
Repayment of bank line of credit                                        (399,319)           (541,993)
Proceeds from exercise of stock options                                    52,845                  --
                                                                   --------------- --- ---------------
Net cash used in financing activities                                   (346,474)         (4,253,654)
                                                                   ---------------     ---------------
Net decrease in cash and cash equivalents                               (347,380)         (3,607,629)
Cash and cash equivalents at beginning of period                        3,383,544           7,960,511
                                                                   ---------------     ---------------
Cash and cash equivalents at end of period                            $ 3,036,164         $ 4,352,882
                                                                   ===============     ===============

Supplemental disclosure:
Non-cash activities

Unrealized gain on available-for-sale marketable securities            $  138,855                  --





See accompanying notes.
</TABLE>


<PAGE>





                            ZEVEX INTERNATIONAL, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                 March 31, 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.  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 sheet at March 31, 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 second  quarter of the fiscal year ending 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 31, 2000. The line of
credit is collateralized by accounts receivable and inventory and bears interest
at the prime rate,  9.0% at March 31, 2000 and 8.5% at December  31,  1999.  The
Company's  balance on its line of credit was  $1,214,134  at March 31,  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 March 31, 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
connection  with  the  earn-out  portion  of  the  JTech  Stock  Purchase.   The
convertible debenture, in the principal amount of $73,594, 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.

On April 15, 1997, the Company entered into a consulting  agreement with another
company owned by certain  stockholders to provide  services related to strategic
planning, public relations,  financing and potential acquisition of new products
or companies. Under the consulting agreement, the Company paid an initial fee of
$50,000,  and paid  $10,000 per month for two years.  The  agreement  expired in
April 1999. In addition,  these certain  stockholders have the right to nominate
one  director to the  Company's  Board of  Directors.  The certain  stockholders
exercised this right with its nomination of Kirk Blosch in June 1998. Mr. Blosch
is serving a 3-year term as a director, which term expires at the annual meeting
of shareholders in June 2002.

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  ending March 31, 2000 and 1999,  the  Company's  comprehensive
income is  $87,062  and  $77,346  (net of tax  effect)  higher  than net  income
reported on the Company's financial statements.

6. Inventories

Inventories consist of the following:
<TABLE>
<CAPTION>
<S>                                                   <C>                  <C>               <C>
                                                        March 31, 2000     December 31, 1999
                                                      ------------------------------------------

Materials                                                $    3,198,398     $    2,228,174
Work in Progress                                              2,343,846          1,867,894
Finished goods, including completed subassemblies
                                                                700,934          1,023,223
                                                      ------------------------------------------
                                                         $    6,243,178     $    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 first  quarter of 2000  increased to $5,658,047
from $4,661,453 for the first quarter of 1999, an increase of approximately  21%
for the three months ended March 31, 2000.  Sales of the  Company's  proprietary
enteral  feeding  products  line  accounted for  approximately  26% of the total
revenues for the first quarter of 2000, compared to 34% for the first quarter of
1999. The decline was in large part due to the termination of enteral pump sales
to Nestle  Clinical  Nutrition  in  anticipation  of the  Company's  purchase of
Nestle's  enteral  nutrition  delivery device  business,  which was completed on
April 6, 2000.  Prior quarterly sales to Nestle have accounted for as much as $1
million of the Company's enteral product line revenues in prior quarters.  Sales
of the Company's proprietary JTech product line, accounted for approximately 16%
of the total revenues for the first quarter of 2000.  Fifty-eight percent of the
Company's revenues in the first quarter 2000 were from products manufactured for
and sold to OEM customers,  who market the final product. During the first three
months of 2000, 30% 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  three  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.

Now that the Company has acquired Nestle enteral delivery device  business,  the
Company will no longer sell  stationary  feeding pumps to Nestle.  Instead,  the
Company  anticipates  that is will generate more revenue that that expected from
pump sales to Nestle from the sale of  disposable  device  sales 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 45% for
the three  months  ended March 31, 2000 as compared to 49% for 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, which included labor,  tooling and setup
costs for non-recurring engineering (NRE), and a shift in the revenue mix of its
products to lower margin  complete  system  instrumentation  shipped  during the
first quarter 2000.

Selling,  general and  administrative  expenses for the three months ended March
31, 2000  increased  $224,764,  from  $1,580,270  in 1999 to $1,805,034 in 2000.
Increased expenses resulted from the Company's continuing growth, which includes
the  acquisitions  of JTech and Aborn.  An expanded  sales and marketing  effort
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  had an  increase  in  expenses  related  to
employees,  such as insurance,  taxes,  and pension  benefits.  The Company also
incurred  expenses  related to the  acquisition  of the Nestle  enteral  feeding
delivery business which closed April 6, 2000.  Expenses included  increasing the
number of  customer  service  personnel  needed  by the  Company  to handle  the
increased  volume of orders from the Nestle  transaction.  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 March 31, 2000,  research and
development  expenses  were  $215,983  compared to  $129,062  in 1999.  Expenses
incurred  during the first  quarter 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 at  approximately  the same
percentage of revenues as in the previous two years.

For the  three  months  ended  March  31,  2000 the  Company  had net  income of
$320,015,  5.7% of revenues compared to net income of $287,768, 6.2% of revenues
for the three months ended March 31, 1999. The increase in net income during the
first quarter of 2000, as compared to the first quarter of 1999, is  principally
due to the gain on the sale of  securities  that were  received as payment  from
customers on previous system design contracts.

As of March 31, 2000,the Company's backlog of customer orders was $5,666,000, as
compared  to  $5,247,000   on  March  31,  1999.   Management   estimates   that
approximately  90% 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 ended March 31, 2000, the Company produced net income of
$320,015,  compared to net income of $287,768,  for the three months ended March
31, 1999.  Cash  decreased  by $ 347,380 for the three  months  ending March 31,
2000, as the Company 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 was  $166,103  for the three months ended March 31,
2000, compared to $191,874 for the first quarter of 1999. Total expenditures for
equipment  of  $157,646  in the  first  quarter  of 2000 were  primarily  due to
upgrading and providing the Company with new research,  design,  and engineering
equipment. 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
$450,000 of additional  research and development  expenses during 2000. [Is this
consistent with prior statements about R&D expenses?]

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 is
estimated to be approximately $700,000. 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 March 31, 2000 was  $12,639,127,  compared to
$12,212,685  at March 31, 1999.  The portion of working  capital  represented by
cash at such dates was $3,036,164 and $4,352,882 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

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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 March 31, 2000,  there were 13,199  shares of
Common  Stock issued  pursuant to exercise of stock  options by employees of the
Company. The exercise price on such shares ranges from $2.50 to $5.00 per share.
The shares  issued  upon  exercise of the  options  were issued  pursuant to the
exemption form 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 March 31, 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:  May 12, 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)