Volcano (VOLC) 8-K Volcano Corporation to Offer $350 Million

Exhibit 12.1

Volcano Corporation

Computation of Earnings to Fixed Charges Ratio

(Unaudited - in thousands)

	Years Ended December 31,													Nine month ended September 30,
	2011		2010		2009			2008			2007			2012		2011
Earnings (losses)
Income (loss) before income taxes	$	18,103	$	7,327	$	(27,767	)	$	(13,085	)	$	(26,052	)	$	9,840	$	10,355
Fixed charges		10,269		4,330		1,895			1,208			996			7,799		7,375
Less: capitalized interests		1,190		—		—			—			—			1,169		604
Total		27,182		11,657		(25,872	)		(11,877	)		(25,056	)		16,470		17,126
Fixed Charges
Interest expense on indebtedness and amortization of deferred financing costs	$	7,980	$	2,192	$	5		$	113		$	199		$	6,180	$	5,955
Interest component of rentals (1)		2,289		2,138		1,890			1,095			797			1,619		1,420
Total		10,269		4,330		1,895			1,208			996			7,799		7,375
Ratio of earnings to fixed charges		2.65		2.69		(13.65	)		(9.83	)		(25.16	)		2.11		2.32
Excess (deficiency) of earnings available to cover fixed charges	$	16,913	$	7,327	$	(27,767	)	$	(13,085	)	$	(26,052	)	$	8,671	$	9,751

(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.