Exhibit 12.1

Volcano Corporation

Computation of Earnings to Fixed Charges Ratio

(Unaudited—in thousands)

	Years Ended December 31,
	2008			2007			2006			2005			2004
Net loss
Loss before provision for income taxes	$	(13,085	)	$	(26,052	)	$	(8,305	)	$	(15,191	)	$	(16,154	)
Fixed charges		758			668			4,356			5,586			5,061
Total	$	(12,327	)	$	(25,908	)	$	(3,949	)	$	(9,605	)	$	(11,093	)
Fixed Charges
Interest expense on indebtedness and amortization of deferred financing costs	$	113		$	199		$	4,013		$	5,311		$	4,784
Interest component of rentals (1)		645			469			343			275			277
Total	$	758		$	668		$	4,356		$	5,586		$	5,061
Deficiency of earnings available to cover fixed charges	$	(13,085	)	$	(26,576	)	$	(8,305	)	$	(15,191	)	$	(16,154	)

(1) Represents the estimated portion of operating lease rental expense that is considered by us to be representative of interest and amortization of discount related to indebtedness.