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 September 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  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 November 1, 2000,  the
Company had outstanding  3,439,364  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  September  30,  2000 and  December  31,  1999,  and the  related
statements of operations and cash flows for the respective  three month and nine
month periods ended September 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>        <C>


                                                                          September 30                  December 31
                                                                             2000                          1999
                                                                          (unaudited)

                                                       ASSETS

Current assets:

              Cash and cash equivalents                                      $  223,102                   $ 3,383,544
              Restricted cash for sinking
                 fund payment on IDB                                             64,113                        86,549
              Accounts receivable                                             8,022,067                     5,843,229
              Inventories                                                     8,908,357                     5,119,291
              Marketable securities                                           2,391,087                     3,224,817
              Other current assets                                               21,633                        26,859
              Prepaid expenses
                                                                                 40,302                        33,554
                              Total current assets                           19,670,661                    17,717,843

              Property and equipment, net                                     7,453,791                     5,333,577
              Patents, trademarks and acquisition costs, net                    350,604                       349,354
              Goodwill, net                                                  11,242,695                    10,642,304
              Other assets
                                                                                 41,242                         6,611
                                                                           $ 38,758,993                  $ 34,049,689

                                         LIABILITIES & STOCKHOLDERS' EQUITY

Current liabilities:

              Accounts payable                                              $ 2,397,012                   $ 1,134,946
              Other accrued expenses                                            600,212                       731,852
              Income taxes payable                                               72,444                       957,309
              Bank lines of credit                                            3,588,170                     1,613,453
              Current portion of long-term debt                               2,221,921                     1,234,483
              Deferred income taxes                                                                           110,276
                                                                                 34,375

                              Total current liabilities                       8,914,134                     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                                       443,488                             --

Stockholders' equity:

              Common  stock,  $.001 par  value;  10,000,000  shares  authorized;
                 3,439,364  and  3,420,726  issued  and  outstanding  shares  at
                 September 30,

                 2000 and December 31, 1999, respectively                         3,439                         3,421
              Additional paid in capital                                     16,288,288                    16,212,966
              Unrealized gain on  marketable securities, net                    297,158                       331,484
              Retained earnings
                                                                              5,772,211                     4,542,851
               Total Stockholders' equity                                    22,361,096                    21,090,722
                                                                           $ 38,758,993                  $ 34,049,689
</TABLE>



<PAGE>



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


                                                 Three months ended                                   Nine months ended
                                                   September 30,                                       September 30,

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

 Revenue:
    Product sales                          $  7,524,412           $  4,970,055            $  21,871,850               $  14,347,617
    Engineering services                        202,309                718,076                  550,517                   1,483,371
                                      ------------------     ------------------       ------------------        --------------------
 Total revenue                                7,726,721              5,688,131               22,422,367                  15,830,988
 Cost of sales                                4,763,286              3,167,330               13,713,722                   8,545,867
                                      ------------------     ------------------       ------------------        --------------------
 Gross profit                                 2,963,435              2,520,801                8,708,645                   7,285,121

 Operating expenses:

  General and administrative                  1,192,049                983,154                 3,643,673                  3,056,534
   Selling and marketing                        753,854                593,599                 1,988,017                  1,701,334
   Goodwill amortization                        144,583                156,904                   414,849                    465,316
   Research and development                     187,392                160,068                   547,605                    458,813
                                       -----------------     ------------------       -------------------       --------------------

 Total operating expenses                     2,277,878              1,893,725                6,594,144                   5,681,997

 Operating income                               685,557                627,076                2,114,501                   1,603,124
 Other income (expense):
    Interest and other income                     2,696                 11,235                   85,535                      99,825
    Interest expense                          (159,055)              (106,896)                (456,911)                   (327,030)
    Gain on sale of
            marketable securities                    --                     --                  298,048
    Unrealized gain on
      marketable securities                          --                     --                       --                      87,903
                                      ------------------     ------------------       ------------------        --------------------
 Income before provision for
    income taxes                                529,198                531,415                2,041,173                   1,463,822

 Provision for income taxes                   (172,369)              (199,674)                (811,813)                   (538,318)
                                      ------------------     ------------------       ------------------        --------------------

 Net income                                 $   356,829            $   331,741             $  1,229,360                 $   925,504

                                      ==================     ==================       ==================        ====================

 Basic net income per share                  $      .10             $      .10               $      .36                  $      .27
                                      ==================     ==================       ==================        ====================
 Weighted average shares

    outstanding                               3,439,326              3,413,813                3,433,052                   3,413,140
                                      ==================     ==================       ==================        ====================

 Diluted net income per share                       .10                    .10                      .33                         .27
                                      ==================     ==================       ==================        ====================
 Diluted weighted average shares

    outstanding                               3,647,866              3,433,988                3,689,081                   3,435,485
                                      ==================     ==================       ==================        ====================
</TABLE>










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


                                                                           Nine months ended
                                                                              September 30,
                                                                        2000                1999
                                                                   ---------------     ---------------
                                                                    (unaudited)         (unaudited)

Cash flows from operating activities

Net income                                                         $   1,229,360           $  925,504
Adjustments  to  reconcile  net  income  to net  cash  (used  in)
provided by operating activities:

      Depreciation and amortization                                     1,230,578           1,007,637
      Deferred income taxes                                              (62,129)             105,461
      Unrealized loss on marketable securities                                 --             116,559
      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                                 22,436             121,304
         Increase in accounts receivable                              (2,178,838)         (1,540,787)
         Decrease in trading securities                                   313,993             618,565
         Increase in inventories                                      (3,789,066)           (493,115)
         (Increase) decrease in prepaid expenses                          (6,748)               2,305
         (Increase) decrease in other assets                             (29,405)              48,095
         Increase in accounts payable                                   1,262,066             708,592
         Increase (decrease) in accrued and other liabilities             433,769           (211,947)
         (Decrease) increase in income taxes payable                    (884,865)             289,736
                                                                   ---------------     ---------------
Net cash (used in) provided by operating activities                   (2,756,897)           1,697,909
Cash flows from investing activities
Purchase of property and equipment                                    (1,344,911)           (426,770)
Additions of patents and trademarks                                      (21,430)             (2,270)
Purchase of product line                                              (2,586,092)                  --
Redemption of available-for-sale marketable securities                    763,039                  --
                                                                   ---------------     ---------------
Net cash used in investing activities                                 (3,189,394)           (429,040)
Cash flows from financing activities
Payments on debt related to business acquisitions                     (1,164,208)         (4,936,076)
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                        1,974,717             163,299
Proceeds from exercise of stock options                                    75,340               5,175
                                                                   --------------- --- ---------------
Net cash provided by (used in) financing activities                     2,785,849         (6,042,602)
                                                                   ---------------     ---------------
Net decrease in cash and cash equivalents                             (3,160,442)         (4,773,733)
Cash and cash equivalents at beginning of period                        3,383,544           7,960,511
                                                                   ---------------     ---------------
Cash and cash equivalents at end of period                              $ 223,102         $ 3,186,778
                                                                   ===============     ===============

Supplemental disclosure:
Non-cash activities

Unrealized loss on available-for-sale marketable securities             $  54,746                  --
</TABLE>



<PAGE>









                            ZEVEX INTERNATIONAL, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                               September 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  September  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.  In 1998, the Financial Accounting
Standards Board issued SFAS No. 133, "Accounting for Derivatives Instruments and
Hedging  Activities," which was subsequently amended by SFAS No. 137 "Accounting
for Derivatives  Financial  Instruments and Hedging Activities - Deferral of the
Effective  Date of SFAS  No.  133"  and SFAS No.  138  "Accounting  for  Certain
Derivatives  Instruments  and  Certain  Hedging  Activities."  SFAS  establishes
accounting and reporting standards  requiring that every derivative  instrument,
including  certain  derivative  instruments  embedded  in  other  contracts,  be
recorded in the balance  sheet as either an asset or  liability  measured at its
fair value.  The statement also requires that changes in the  derivative's  fair
value be recognized in earnings  unless specific hedge  accounting  criteria are
met. SFAS No. 133, as amended by SFAS No. 137 and SFAS No. 138, is effective for
all fiscal quarters  beginning after June 15, 2000. The Company has adopted SFAS
No.  133 this  quarter.  The  adoption  of SFAS No.  133 did not have a material
impact on the Company's financial condition or results of operations.

2.  Bank Line of Credit

The  Company  increased  its  line  of  credit   arrangement  with  a  financial
institution  from 5 million to availability  of $7 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 September 30, 2000 and
8.5% at  December  31,  1999.  The  Company's  balance on its line of credit was
$3,558,170 at September 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.

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 at  least  $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. Mr. Smith was appointed President of
the Company as well as President of ZEVEX, Inc. on September 1, 2000.

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 nine months  ending  September  30,  2000,  the  Company's
comprehensive income (loss) was $18,810 and ($34,326) (net of tax effect) higher
(lower) than net income reported on the Company's financial statements.  For the
three  months  and  nine  months  ending   September  30,  1999,  the  Company's
comprehensive  income was $22,950 and $116,559  (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>

                                                        Sept. 30, 2000     December 31, 1999

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

Materials                                                $    4,956,589     $    2,228,174
Work in Progress                                              2,142,211          1,867,894
Finished goods, including completed subassemblies             1,809,557          1,023,223
                                                      ==========================================
                                                         $    8,908,357     $    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 third quarter ended September 30, 2000 increased
to  $7,726,721  from  $5,688,131  for the third  quarter of 1999, an increase of
approximately 36%. For the first nine months of 2000,  revenues increased 42% to
$22,422,367 from $15,830,988 for the nine months ended September 30, 1999. Sales
of  the  Company's  manufactured   proprietary  enteral  feeding  products  line
accounted for  approximately  48% of the total revenues for the third quarter of
2000,  compared to 38% for the third quarter of 1999, and 41% for the first nine
months of 2000,  compared to 35% for the nine months ended  September  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 8% of the
total  revenues  for the third  quarter  of 2000  compared  to 14% for the third
quarter of 1999, and 13% for the first nine months of 2000,  compared to 14% for
the nine months ended  September 30, 1999.  Forty-four  percent of the Company's
revenues in the third  quarter  2000,  and 48% for the first nine months of 2000
compared to 49% for the third quarter of 1999,  48% for the first nine months of
2000 were from products  manufactured for and sold to OEM customers,  who market
the final  product.  During the first nine months of 2000, 24% of total revenues
resulted from sales to two OEM  customers,  one of which was a major customer in
1999,  compared to 13% of total revenues for the first nine 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 no longer sells  stationary  feeding pumps to Nestle.
Instead,  the  Company  anticipates  it will  generate  more  revenue  than that
expected from such 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 38% for
the three months  ended  September  30, 2000 as compared to 44% for 1999.  Gross
profit for the nine  months  ended  September  30,  2000 was  approximately  39%
compared to 46% 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,  higher
distribution costs related to the acquired Nestle product than anticipated,  and
a shift in the revenue mix of its products to lower  margin  complete OEM system
instrumentation  shipped  during the third  quarter and the first nine months of
2000.

Selling,  general  and  administrative  expenses  for  the  three  months  ended
September 30, 2000 increased $369,150,  from $1,576,753 in 1999 to $1,945,903 in
2000.  For the nine  months  ended  September  30,  2000  selling,  general  and
administrative expenses increased $873,822 from $4,757,868 in 1999 to $5,631,690
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 of sales 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  September 30, 2000,  research
and  development  expenses were $187,392  compared to $160,068 in 1999.  For the
nine months ended  September 30, 2000,  research and  development  expenses were
$547,605  compared  to  $458,813  in 1999.  Expenses  incurred  during the third
quarter and for the nine months ended  September 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  September  30,  2000 the Company had net income of
$356,829,  4.6% of  revenues,  compared  to net income of  $331,741,  or 5.8% of
revenues, for the three months ended September 30, 1999. Net income for the nine
months ended September 30, 2000,  increased to $1,229,360,  or 5.5% of revenues,
from $925,504, or 5.8% of revenues for the nine months ended September 30, 1999.
The increase in net income  during the third quarter of 2000, as compared to the
third quarter of 1999, is principally due to increased revenues. The increase in
net income  during the first nine months of 2000,  as compared to the first nine
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  September  30,  2000,  the  Company's  backlog  of  customer  orders  was
$5,732,000,  as  compared  to  $5,247,000  on  September  30,  1999.  Management
estimates that  approximately 60% 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 nine months ended  September  30, 2000,  the Company
produced net income of $356,829 and  $1,229,360,  respectively,  compared to net
income of $331,741  and  $925,504  for the three  months and nine  months  ended
September  30, 1999.  Cash  decreased by  $3,160,422  for the nine months ending
September 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 equipment and software.

The  Company's  investment in property,  patents from new research,  production,
test equipment,  tooling,  software,  and the assets acquired from Nestle USA as
described  previously  was  $3,952,433  for the nine months ended  September 30,
2000,  compared to $429,040 for the nine months ended September 30, 1999.  Total
expenditures  for  equipment and software of $1,344,911 in the first nine months
of 2000 were primarily due to expenditures of  approximately  $480,000 for a new
accounting  and  MRP  system  including  hardware  and  software,  $330,000  for
upgrading and providing the Company with new research,  design,  and engineering
equipment  and  $530,000  for  new  stationary   enteral  feeding  pumps.  Total
expenditures  for  the  Nestle  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  $100,000
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  $150,000 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
was approximately  $1,200,000.  Upon closing, cash of $500,000 was paid, with an
additional  $1 million due six months from closing  which was paid on October 5,
2000.  The  remainder of the purchase  price will be settled upon  resolution of
contingencies  within the  purchase  agreement.  The  Company  also  anticipates
spending  approximately  $200,000 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 September 30, 2000 was $10,756,527  compared to
$11,935,524 at December 31, 1999. The portion of working capital  represented by
cash at such dates was $223,102 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.

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

                 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  September 30, 2000, there were 18,688 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 September 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.

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

                                   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:  November 10, 2000

                     By   /s/ David J. McNally
                      David J. McNally, CEO
                     (Chief Executive Officer)

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