Exhibit 12.1

Volcano Corporation

Computation of Earnings to Fixed Charges Ratio

(Unaudited—in thousands)

	Years Ended December 31,
	2009			2008			2007			2006			2005
Net loss
Loss before provision for income taxes	$	(27,767	)	$	(13,085	)	$	(26,052	)	$	(8,305	)	$	(15,191	)
Fixed charges		1,118			758			668			4,356			5,586
Total		(26,649	)		(12,327	)		(25,384	)		(3,949	)		(9,605	)
Fixed Charges
Interest expense on indebtedness and amortization of deferred financing costs	$	5		$	113		$	199		$	4,013		$	5,311
Interest component of rentals (1)		1,113			645			469			343			275
Total	$	1,118		$	758		$	668		$	4,356		$	5,586
Deficiency of earnings available to cover fixed charges	$	(27,767	)	$	(13,085	)	$	(26,052	)	$	(8,305	)	$	(15,191	)

(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.