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, 1998

                                       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 33-19583

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

          DELAWARE                                         87-0462807 
(State or other jurisdiction of                        (I.R.S.  Employer  
 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 7, 1998, the Company
had outstanding 3,297,896 shares of common stock, par value $0.001 per share.

                   Page 1 of 10 consecutively numbered pages

<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, 1998, and December 31, 1997, and the related  statements
of operations and cash flows for the respective  three month periods ended March
31, 1998,  and 1997. 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, 1997.

<PAGE>





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


                                     ASSETS
                                                                           Mar. 31                        Dec. 31

                                                                            1998                           1997
                                                                            -----                          ----
                                                                         (unaudited)
<S>                                                                      <C>                            <C>    
Current assets:
             Cash and cash equivalents                                                                 
                                                                         $   1,481,696                  $   2,260,426
             Restricted cash for sinking
                fund payment on industrial
                 development bond                                              102,134                         76,164
             Accounts receivable                                             2,001,469                      2,095,455
             Inventories                                                     3,662,360                      3,540,591
             Marketable securities                                          10,495,572                     10,403,109
             Deferred income taxes                                              89,182                         82,930
             Prepaid expenses
                                                                                36,911                         67,307
                                                                                ------                         ------
                              Total current assets                          17,869,324                     18,525,982

             Property and equipment, net                                     4,655,353                      3,933,804
             Patents and trademarks                                            119,193                        122,002
             Other assets
                                                                                   755                            755
                                                                                   ---                            ---
                                                                        $   22,644,625                 $   22,582,543
                                                                        ==============                 ==============

                                         LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
             Accounts payable                                                        $                              $
                                                                               746,060                        640,579
             Other accrued expenses                                            266,051                        264,484
             Income taxes payable                                               40,747                        285,403
             Current portion of industrial development bond
                                                                               100,000                        100,000
                                                                               -------                        -------
                              Total current liabilities                      1,152,858                      1,290,466

              Deferred income taxes                                            152,227                        126,380
              Industrial development bond                                    1,900,000                      1,900,000

Stockholders' equity:
             Common stock, $.001 par value: authorized 10,000,000
                shares, issued 3,295,676 and 3,264,326
                 shares, respectively                                            3,296                          3,265
              Additional paid in capital                                    16,806,797                     16,697,203
             Less: Treasury stock                                             (50,790)                             --
             Retained earnings
                                                                             2,680,237                      2,565,229
                                                                             ---------                      ---------
                   Total stockholders' equity
                                                                            19,439,540                     19,265,697
                                                                            ----------                     ----------
                                                                        $   22,644,625                 $   22,582,543
                                                                        ==============                 ==============

                            See accompanying notes.
</TABLE>


<PAGE>







<TABLE>
<CAPTION>
                             

                            ZEVEX INTERNATIONAL, INC.
                            STATEMENTS OF OPERATIONS



                                             Three months ended
                                                  March 31,
                                          1998                 1997
                                    -----------------     ----------------
                                       (unaudited)          (unaudited)
<S>                                 <C>                   <C>    
   Product sales                    $       2,138,551     $      1,588,126
   Engineering services                        49,160              622,979
                                    ------------------    -----------------
                                            2,187,711            2,211,105
Cost of sales                               1,277,423            1,172,675
                                    ------------------    -----------------
Gross profit                                  910,288            1,038,430

Operating expenses:
   General and administrative              532,327              386,409
   Selling and marketing                      298,217              158,392
   Research and development                   104,084              185,627
                                     -----------------    -----------------

Total operating expenses                      934,628              730,428

Operating (loss) income                      (24,340)              308,002
Other income (expense):
   Interest income                            113,214               37,077
   Interest expense                          (16,767)             (16,822)
   Unrealized gain on
     marketable securities                     62,496                   --
                                    ------------------    -----------------
Income before provision for
   income taxes                               134,603              328,257

Provision for taxes                          (19,595)            (102,719)
                                    ------------------    -----------------

Net income                                          $                    $
                                              115,008              225,538
                                    ==================    =================

Basic net income per share                          $                    $
                                                  .04                  .13
                                    ==================    =================
Weighted average shares
   outstanding                              3,280,843            1,756,827
                                    ==================    =================
Diluted net income per share
                                                  .03                  .12
                                    ==================    =================
Diluted weighted average shares
   outstanding                              3,659,104            1,901,352
                                    ==================    =================


                            See accompanying notes.

</TABLE>

<PAGE>






<TABLE>
<CAPTION>


                            ZEVEX INTERNATIONAL, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS


                                                                         Three months ended
                                                                             March 31,
                                                                       1998               1997
                                                                  ---------------    ---------------
                                                                   (unaudited)        (unaudited)
Cash flows from operating activities
<S>                                                               <C>                <C>   
Net income                                                        $      115,008     $      225,538

Adjustments to reconcile  net income to net cash (used in) provided by 
   operating activities:
      Depreciation and amortization                                       69,000             82,209
      Benefit for deferred income taxes                                   19,595                 --
      Unrealized gain on marketable securities                          (92,463)                 --
      Changes in operating assets and liabilities:
         Increase in restricted cash for sinking fund payment
            on industrial development bond                              (25,970)                 --
         Decrease (increase) in accounts receivable                       93,986          (370,624)
         Increase in inventories                                       (121,769)          (152,412)
         Decrease in prepaid expenses                                     30,396                274
         Decrease in taxes receivable                                         --             41,458
         Increase in accounts payable                                    105,481            196,608
         Increase in accrued liabilities                                   1,567             85,102
        (Decrease) increase in income taxes payable                    (244,656)             61,261
                                                                  ---------------    ---------------
Net cash (used in) provided by operating activities                     (49,825)            169,414
Cash flows from investing activities
Purchase of property and equipment                                     (787,740)        (1,218,830)
Cash flows from financing activities
Proceeds from issuance of common stock                                        --          1,250,000
Proceeds from exercise of stock options                                    4,625                 --
Proceeds from exercise of warrants                                       105,000                 --
Purchase of treasury stock                                              (50,790)                 --
Repayment of bank line of credit                                              --           (60,108)
                                                                  ---------------    ---------------
Net cash provided by financing activities                                 58,835          1,189,892
                                                                  ---------------    ---------------
Net (decrease) increase in cash and cash equivalents                   (778,730)            140,476
Cash and cash equivalents at beginning of period                       2,260,426          2,085,055
                                                                  ---------------    ---------------
Cash and cash equivalents at end of period                         $   1,481,696      $   2,225,531
                                                                  ===============    ===============

                            See accompanying notes.

</TABLE>


<PAGE>





                            ZEVEX INTERNATIONAL, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                 March 31, 1998


1.  Summary of Significant Accounting Policies
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. The Company designs and
manufactures  advanced  medical  devices,  including  surgical  systems,  device
components,  and sensors  for medical  technology  companies.  The Company  also
designs, manufactures, and markets its own medical devices using its proprietary
technologies.  The  Company's  design and  manufacturing  service  customers are
medical technology  companies,  who sell the Company's systems and devices under
private labels or incorporate the Company's devices into their products.

Basis of Presentation

The  accompanying  financial  statements  have been prepared in accordance  with
generally accepted accounting  principles for interim financial  information and
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 1997 Annual Report and 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.

2.  Bank Line of Credit

On December 31, 1997, the Company renewed its line of credit  arrangement with a
financial institution for $5 million. The line matures on May 31, 1998. The line
of credit is  collateralized  by accounts  receivable  and  inventory  and bears
interest at the prime rate (8.5%) at March 31,  1998,  and at December 31, 1997.
The  Company's  balance  on its line of credit  was zero at March  31,  1998 and
December 31, 1997. Under the line of credit agreement, the Company is restricted
from  declaring  cash  dividends.  The renewal of the  Company's  line of credit
resulted in the addition of certain financial  covenants.  As of March 31, 1998,
the Company was in compliance with these financial covenants.

Repurchase of Common Stock

On February 4, 1998, the Company  repurchased 6,700 shares of outstanding Common
Stock  for  $50,790.  The  Company  anticipates  that  all  the  shares  will be
contributed to the Employees' Stock Ownership Plan.

Warrants

In connection  with the secondary  public offering in November 1997, the Company
issued the  underwriters  warrants to purchase 100,000 shares of common stock at
$15 per share. The underwriters paid a price of $.01 per warrant. These warrants
expire 5 years from the date of the  offering.  The  underwriters'  warrants are
restricted from exercise,  sale,  transfer,  assignment or  hypothecation  for a
period  of one year  commencing  from the  offering  date.  These  warrants  are
entitled to certain registration rights.

5.  Related Party Transactions

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 must pay  $10,000  per month for two  years.  In  addition,  these
stockholders  have the right to appoint one director to the  Company's  Board of
Directors.

In connection  with the secondary  public  offering  completed in November 1997,
certain  stockholders waived their registration  rights on 350,000 warrants.  In
exchange,  the  Company  and the  stockholders  executed a  registration  rights
agreement,  entitling the stockholders to certain demand registration rights for
a period of two years from February 1, 1998.



<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 1998  decreased to  $2,187,711,
from  $2,211,105 for the first quarter of 1997, a decrease of  approximately  1%
for the three months  ending  March 31,  1998.  During the first three months of
1998,  48% of total  revenues,  compared to 74% of total  revenues for the first
three months of 1997,  resulted from sales to three customers,  all of whom were
major  customers  in  1997.  Sales of the  Company's  Proprietary  Product,  the
EnteraLite(R)  Ambulatory Enteral Feeding Pump,  accounted for approximately 21%
of the total  revenues  for the first  quarter of 1998,  compared  to 6% for the
first quarter of 1997. The majority of the Company's  products are  manufactured
for and sold to OEM  customers,  who market  the final  product.  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.

The Company's gross profit as a percentage of revenues was approximately 42% for
the first  quarter of 1998,  as compared  to 47% for the first  quarter of 1997.
Management attributes the decrease mainly to an increase in expenses relating to
the Company's proprietary product, the EnteraLite(R)  Ambulatory Enteral Feeding
Pump. The rapid increase in sales of the EnteraLite(R) Feeding Pump exceeded the
current  production  capacity of ZEVEX's  outside  supplier of disposable  sets.
Consequently,  the Company  experienced  a surge in the cost of sales related to
this  product,  due to  increased  shipping  and related  expenses  necessary to
maintain our obligation to our customers and our reputation for service.

Selling,  general and  administrative  expenses for the quarter  ended March 31,
1998, increased $285,743, from $544,801 in the first quarter of 1997 to $830,544
in 1998.  Increased expenses resulted from the Company's  continuing growth. The
Company had  increased  expenses  related to its listing on the  American  Stock
Exchange,  increased  legal,  accounting,  general  consulting  and  Public  and
Investor  Relations.  An expanded sales and marketing effort increased staffing,
travel,  advertising and  administrative  expenses related to the  EnteraLite(R)
Feeding Pump,  including  increased costs associated with the Company's national
sales  meeting.  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 1998 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. During the first quarter of 1998, research and development
expenses were $104,084,  compared to $185,627  during the first quarter of 1997.
Expenses incurred during the first quarter were for the continued development of
new  applications  of  the  Company's  ultrasound   technology  and  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.

Net income decreased to $115,008,  approximately 5.3% of revenues,  in the first
quarter of 1998, from $225,538,  approximately  10.2% of revenues,  in the first
quarter of 1997. The decrease in net income during the first quarter of 1998, as
compared to the first quarter of 1997, is principally  due to the increased cost
of sales mentioned above, related to the additional costs of disposable sets for
the  EnteraLite(R),  and  the  increased  general  and  administrative  expenses
addressed previously.

As of March 31, 1998, the Company's  backlog of customer  orders was $7,001,866,
as  compared  to  $4,732,000  on  March  31,  1997.  Management  estimates  that
approximately 80% of the backlog will ship before December 31, 1998.


<PAGE>



Liquidity and Capital Resources

During the quarter ending March 31, 1998, the Company had a loss of $24,340 from
operating  activities,  compared to income of $308,002 from operating activities
in the first  quarter of 1997.  Cash  decreased by $778,730 for the three months
ending March 31, 1998, as the Company  continued to fund an increase in accounts
receivable and inventories,  as well as purchases related to property, plant and
equipment

The Company's investment in property, new research,  production,  test equipment
and tooling was $787,740 for the first  quarter of 1998,  compared to $1,218,830
in 1997. The Company paid $580,000 in the exercise of its first right of refusal
to  purchase a parcel of land,  approximately  3.47  acres,  to the north of its
facility.  Total  expenditures  for equipment of $207,740 were  primarily due to
upgrading the  Company's  research,  design and  engineering  capabilities.  The
Company  expects to spend  approximately  $240,000 for the remainder of 1998 for
additional  manufacturing  equipment,  as well as for normal  replacement of old
equipment.  The Company  also  anticipates  spending  approximately  $600,000 in
additional research and development expenses during 1998.

The Company's  working  capital at March 31, 1998 was  $16,716,466,  compared to
$4,859,698 at March 31, 1997.  The increase in working  capital is primarily due
to the secondary  offering that was completed in November  1997, as described in
the  Stockholders'  Equity  section  of  the  Notes  to  Consolidated  Financial
Statements  in the  Company's  Annual  Report.  The  portion of working  capital
represented by cash at such dates was $1,481,696,  and $2,225,531  respectively.
The Company has $10,229,967 in short term,  investment  grade,  interest bearing
investments at March 31, 1998. 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.



<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;  (vi) prolonged labor disruption;  (viii) deterioration in general of
regional  economic  conditions;  (ix) adverse  state or federal  legislation  or
regulation  that  increases  the cost of  compliance,  or adverse  findings by a
regulator  with  respect  to  existing  operations;  (x) loss of  customers;(xi)
adverse  determinations in connection with pending or future litigation or other
material  claims and judgments  against the Company;  (xii) inability to achieve
future sales; and (xiii) 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,  1997,  for
additional cautionary statements.


<PAGE>


                                     PART II
                  OTHER INFORMATION NOT APPLICABLE AT THIS TIME

Item 1.  Legal Proceedings
Item 2.  Changes in Securities and Use of Proceeds
Item 3.  Defaults upon Senior Securities
Item 4.  Submission of Matters to a Vote of Security Holders
Item 5.  Other Information
Item 6.  Exhibits and Reports on Form 8-K



--------------------------------------------------------------------------------
                                   SIGNATURES
--------------------------------------------------------------------------------

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 14, 1998
                                     By   /s/ Dean G. Constantine
                                       Dean G. Constantine, President


                                      By   /s/ Phillip L. McStotts
                                        Phillip L. McStotts, Secretary
                                         (Principal Financial Officer)