<PAGE>   1
                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-Q/A
(Mark One)

[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

[ ]    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: 0-18338

                               I-Flow Corporation
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

     California                                           33-0121984
--------------------------------------------------------------------------------
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
incorporation or organization)


20202 Windrow Drive Lake Forest, CA                          92630
--------------------------------------------------------------------------------
(Address of principal executive offices)                   (Zip Code)


                                 (949) 206-2700
--------------------------------------------------------------------------------
              (Registrant's telephone number, including area code)


--------------------------------------------------------------------------------
              (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. [ x ] Yes [ ] 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

                      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 March 31, 1998 there were 13,417,655 shares outstanding of 
Common Stock and 656,250 shares outstanding of Series B Preferred Stock.


<PAGE>   2
                               I-FLOW CORPORATION
                                    FORM 10-Q
                      FOR THE QUARTER ENDED MARCH 31, 1998

                                TABLE OF CONTENTS


<TABLE>
<CAPTION>
                                                                               Page
                                                                               ----
<S>                                                                            <C>
Part I:    Financial Information

       Item 1.  Financial Statements

       Consolidated Balance Sheets as of March 31, 1998 (Unaudited)
           and December 31, 1997                                                3

       Consolidated Statements of Operations for the three month
           periods ended March 31, 1998 and 1997 (Unaudited)                    4

       Consolidated Statements of Cash Flows for the three-month periods
           ended March 31, 1998 and 1997 (Unaudited)                            5

       Notes to Consolidated Financial Statements                               6

       Item 2.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations                                              8

       Item 3.  Quantitative and Qualitative Disclosures about Market Risk     10

Part II:  Other Information                                                    10

       Signatures                                                              11
</TABLE>
<PAGE>   3
                               I-FLOW CORPORATION
                          CONSOLIDATED BALANCE SHEETS


<TABLE>
<CAPTION>
                                                                March 31,             December 31,
                                                                  1998                   1997
                                                              ------------           ------------
                                                              (Unaudited)
<S>                                                           <C>                    <C>         
ASSETS
  CURRENT ASSETS:
    Cash and cash equivalents                                 $    635,000           $    715,000
    Accounts receivable, net                                     6,009,000              5,127,000
    Inventories                                                  5,037,000              4,058,000
    Prepaids and other                                             391,000                140,000
                                                              ------------           ------------
       Total current assets                                     12,072,000             10,040,000
                                                              ------------           ------------

PROPERTY:
    Furniture, fixtures and equipment                            9,108,000              4,170,000
    Less accumulated depreciation                               (5,088,000)            (1,939,000)
                                                              ------------           ------------
       Property, net                                             4,020,000              2,231,000
                                                              ------------           ------------


OTHER ASSETS
    Goodwill and other intangibles, net                          7,535,000              3,983,000
    Notes receivable and other                                     982,000              1,380,000
                                                              ------------           ------------
TOTAL                                                         $ 24,609,000           $ 17,634,000
                                                              ============           ============

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
    Accounts payable                                          $  1,643,000           $  1,828,000
    Accrued payroll and related expenses                           937,000                895,000
    Deferred revenue                                                58,000                 58,000
    Current portion of long-term debt                            4,029,000              1,000,000
    Borrowings under line-of-credit                                     --              1,500,000
    Other liabilities                                               20,000                186,000
                                                              ------------           ------------
       Total current liabilities                                 6,687,000              5,467,000
                                                              ------------           ------------

LONG-TERM DEBT                                                   4,345,000              1,579,000
COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS' EQUITY:
    Preferred stock - no par value; 5,000,000 shares
      authorized; 656,250 series B shares issued
      and outstanding at March 31, 1998 and
      December 31, 1997, respectively (aggregate
      preference on liquidation is $1,575,000)                   1,494,000              1,494,000
    Common stock - no par value; 40,000,000 shares
      authorized; 13,417,655 and 12,393,619 shares
      issued and outstanding at March 31, 1998 and
      December 31, 1997, respectively                           36,910,000             33,853,000
    Common stock warrants                                          615,000                615,000
    Accumulated deficit                                        (25,442,000)           (25,374,000)
                                                              ------------           ------------
       Net shareholders' equity                                 13,577,000             10,588,000
                                                              ------------           ------------
TOTAL                                                         $ 24,609,000           $ 17,634,000
                                                              ============           ============
</TABLE>



See accompanying notes to consolidated financial statements



                                       3
<PAGE>   4
                               I-FLOW CORPORATION
                     CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (Unaudited)


<TABLE>
<CAPTION>
                                                Three Months Ended
                                                    March 31,
                                       ---------------------------------
                                           1998                  1997
                                       -----------           -----------
<S>                                    <C>                   <C>        
Net revenues                           $ 4,072,000           $ 4,302,000
                                       -----------           -----------

Costs and expenses:
  Cost of sales                          1,810,000             1,748,000
  Selling and marketing                    853,000               793,000
  General and administrative             1,045,000               885,000
  Product development                      210,000               326,000
  Amortization of intangibles              144,000               117,000
                                       -----------           -----------
    Total costs and expenses             4,062,000             3,869,000

Operating profit                            10,000               433,000

Interest income (expense)                 (151,000)              (79,000)
Income taxes                                (7,000)              (17,000)
                                       -----------           -----------
Net income (loss)                      $  (148,000)          $   337,000
                                       ===========           ===========

Net income (loss) per share

     Basic                             $     (0.01)          $      0.03
                                       ===========           ===========
     Diluted                           $     (0.01)          $      0.02
                                       ===========           ===========
</TABLE>


See accompanying notes to consolidated financial statements



                                       4
<PAGE>   5
                               I-FLOW CORPORATION
                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (Unaudited)


<TABLE>
<CAPTION>
                                                                               Three Months Ended
                                                                                   March 31,
                                                                        ---------------------------------
                                                                           1998                  1997
                                                                        -----------           -----------
<S>                                                                     <C>                   <C>        
CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)                                                       $  (148,000)          $   337,000
Adjustments to reconcile net income (loss)
  to net cash provided by operations:
  Depreciation and amortization                                             298,000               260,000
  Changes in operating assets and liabilities:
    Royalty receivable                                                           --             1,000,000
    Accounts receivable                                                   1,656,000              (333,000)
    Inventories                                                            (295,000)             (367,000)
    Prepaid expenses and other                                              (98,000)               (8,000)
    Accounts payable, accrued and other liabilities                      (2,024,000)             (813,000)
                                                                        -----------           -----------
Net cash provided (used) by operating activities                           (611,000)               76,000
                                                                        -----------           -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Property (acquisitions) disposals                                          55,000              (211,000)
  Change in other assets                                                   (360,000)             (120,000)
                                                                        -----------           -----------
Net cash used by investing activities                                      (305,000)             (331,000)
                                                                        -----------           -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Change in line of credit                                                2,263,000
  Change in notes payable                                                (1,500,000)             (250,000)
  Proceeds from exercise of stock options and warrants                       13,000                56,000
                                                                        -----------           -----------
Net cash provided (used) by financing activities                            776,000              (194,000)
                                                                        -----------           -----------

Effect of exchange rates on cash                                             60,000               (11,000)

NET DECREASE IN CASH AND CASH EQUIVALENTS                                   (80,000)             (460,000)

CASH AND CASH EQUIVALENTS AT BEGINNING OF
  PERIOD                                                                    715,000             1,651,000
                                                                        -----------           -----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD                              $   635,000           $ 1,191,000
                                                                        ===========           ===========

SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid                                                               155,000                84,000
                                                                        -----------           -----------
Income tax payments                                                           7,000                17,000
                                                                        -----------           -----------
Liabilities issued and assumed in connection with acquisition:
  Fair value of assets acquired (including intangibles)                   8,254,000
  Common stock issued                                                     3,044,000
                                                                        -----------
Liabilities issued and assumed                                            5,210,000
                                                                        ===========
</TABLE>


See accompanying notes to consolidated financial statements


                                       5
<PAGE>   6
                               I-FLOW CORPORATION
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                   (Unaudited)

1.       BASIS OF PRESENTATION

         The accompanying unaudited consolidated financial statements contain
         all adjustments (consisting only of normal recurring adjustments)
         which, in the opinion of management, are necessary to present fairly
         the financial position of the Company at March 31, 1998 and the results
         of its operations and its cash flows for the three-month periods ended
         March 31, 1998 and 1997. Certain information and footnote disclosures
         normally included in financial statements have been condensed or
         omitted pursuant to rules and regulations of the Securities and
         Exchange Commission although the Company believes that the disclosures
         in the financial statements are adequate to make the information
         presented not misleading.

         The financial statements included herein should be read in conjunction
         with the financial statements of the Company, included in the Company's
         Annual Report on Form 10-K for the year ended December 31, 1997 filed
         with the Securities and Exchange Commission on March 31, 1998.

         Certain amounts previously reported have been reclassified to conform
         with the presentation at March 31, 1998.

2.       EARNINGS PER SHARE

         In December 1997, the Company adopted Statement of Financial Accounting
         Standards ("SFAS") No. 128, Earnings per Share. SFAS No. 128 redefines
         earnings per share under generally accepted accounting principles.
         Under the new standard, primary net income per share is replaced by
         basic net income per share and fully diluted net income per share is
         replaced by diluted net income per share. All historical earnings per
         share information have been restated as required by SFAS No. 128.

         Basic net income (loss) per share is computed using the weighted
         average number of common shares outstanding during the periods
         presented.

         Diluted net income (loss) per share is computed using the weighted
         average number of common and common equivalent shares outstanding
         during the periods presented assuming the conversion of all shares of
         the Company's convertible preferred stock into common stock and the
         exercise of all in-the-money stock options. Common equivalent shares
         have not been included where inclusion would be antidilutive.

         Basic earnings per share approximates diluted earnings per share for
         each period represented. The following is a reconciliation between the
         number of shares used in the basic and diluted net income per share
         calculations:

<TABLE>
<CAPTION>
                                                                         Three Months Ended March 31,
           (Amounts in thousands)                                        1998                 1997
         -------------------------------------------------------------------------------------------
<S>                                                                      <C>                <C>
           Basic net income (loss) per  share
              Weighted average number of shares outstanding              12,951             12,070
              Effect of dilutive securities:
                 Preferred stock                                            700                700
                 Stock options                                               --              1,441
         -------------------------------------------------------------------------------------------
           Diluted net income (loss) per share
              Weighted average number of shares outstanding              13,651             14,211
         -------------------------------------------------------------------------------------------
</TABLE>



                                       6
<PAGE>   7
3.       RECENT ACCOUNTING PRONOUNCEMENTS

         The Company has adopted SFAS No. 130, Reporting Comprehensive Income,
         for the period ending March 31, 1998 and 1997. The Company has no
         reportable differences between net income and comprehensive income.
         Therefore, no statement of comprehensive income has been presented.

         For the current year ending December 31, 1998, the Company will adopt
         SFAS No. 131, Disclosures About Segments of an Enterprise and Related
         Information. SFAS No. 131, which is based on the management approach to
         segment reporting, establishes requirements to report selected segment
         information quarterly and to report entity-wide disclosures about
         products and services, major customers and the material countries in
         which the entity holds assets and reports revenue. The Company has not
         yet determined the impact, if any, of adopting such standards on its
         consolidated financial statements.

4.       ACQUISITION OF INFUSYSTEMS II, INC. AND VENTURE MEDICAL, INC.

         On February 9, 1998, the Company entered into an Agreement and Plan of
         Merger (the "Agreement") with, InfuSystems II, Inc. ("InfuSystem"),
         Venture Medical, Inc. ("VMI") and the shareholders of InfuSystem and
         VMI, contemplating the merger of InfuSystem and VMI with and into a
         wholly-owned subsidiary of the Company. Pursuant to the Agreement, VMI
         and InfuSystem were merged (the "Merger") with and into the subsidiary
         effective as of February 11, 1998.

         In the Merger, all of the outstanding shares of Common Stock of VMI and
         InfuSystem were exchanged for shares of Common Stock of the Company.
         The aggregate number of shares of Common Stock of the Company issued in
         the Merger to the shareholders of VMI and InfuSystem was 972,372
         shares, valued at approximately $2.9 million (subject to certain
         post-effective adjustments). The acquisition was accounted for under
         the purchase method of accounting and the purchase price has been
         allocated to the net assets acquired and goodwill.



                                       7
<PAGE>   8
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
         CONDITION AND RESULTS OF OPERATIONS


         Certain disclosures made by the Company in this report and in other
         reports and statements released by the Company are and will be
         forward-looking in nature, such as comments which express the Company's
         opinions about trends and factors which may impact future operating
         results. Disclosures which use words such as the Company "believes,"
         "anticipates," or "expects" or use similar expressions are intended to
         identify forward-looking statements. Such statements are subject to
         certain risks and uncertainties, which could cause actual results to
         differ from those, expected and readers are cautioned not to place
         undue reliance on these forward-looking statements. The Company
         undertakes no obligation to publish revised forward-looking statements
         to reflect the occurrence of unanticipated events. Readers are also
         urged to carefully review and consider the various disclosures made by
         the Company in this report which seek to advise interested parties of
         the risks and other factors that affect the Company's business, as well
         as in the Company's periodic reports on Forms 10-K, 10-Q, and 8-K filed
         with the Securities and Exchange Commission. The risks affecting the
         Company's business include reliance on the success of the Home Health
         Care Industry, the reimbursement system currently in place, competition
         in the industry, demand in foreign countries, customer credit risks,
         technological changes and product availability. Any such
         forward-looking statements, whether made in this report or elsewhere,
         should be considered in context with the various disclosures made by
         the Company about its business.

RESULTS OF OPERATIONS

         Net revenues during the three-month period ended March 31, 1998 were
         $4,072,000, compared to $4,302,000 for the same period in the prior
         year, a decrease of 5%. In February 1998, the Company acquired two new
         subsidiaries, InfuSystems II, Inc. and Venture Medical, Inc., both of
         which were national ambulatory infusion pump management and
         distribution companies based in Detroit, Michigan. On February 11,
         1998, these companies were merged into InfuSystem, Inc. (formally,
         I-Flow Subsidiary, Inc.) a wholly owned subsidiary of the Company.
         Revenue generated by InfuSystem, Inc. of $1,083,000 for the period from
         February 11, 1998 (date of acquisition) through March 31, 1998, was
         included in net revenues for the three-month period ended March 31,
         1998. Without the InfuSystem, Inc. revenues, net revenues during the
         three-month period ended March 31, 1998 would have decreased by 31%
         compared to the same period in the prior year, primarily due to fewer
         sales of the Company's elastomeric products into distributors and a
         price decrease of approximately 15% on such products.

         Revenues for the three-month period ended March 31, 1998 were adversely
         affected by the restructuring of I-Flow's worldwide distribution
         network as well as existing distributor inventory levels, which caused
         a short-term decline in shipments of infusion products to the Company's
         previous distribution partners. This decline is expected to continue
         until sometime near the end of 1998.

         During this quarter the Company entered into an agreement with B. Braun
         Melsungen AG (G.BRN), a world leader in the manufacture and
         distribution of pharmaceuticals and infusion products, to distribute
         I-Flow's elastomeric infusion pumps in Western Europe, Eastern Europe,
         the Middle East, Asia Pacific, South America and Africa. The initial
         purchase minimum for the first eighteen months of this five-year
         agreement is approximately $4 million with shipments beginning in the
         second quarter. The Company also recently signed a letter of intent to
         enter into a similar agreement under which B. Braun of America, Inc.
         will distribute I-Flow's elastomeric pumps to its full line IV solution
         customers in the United States. These two new relationships are
         expected to generate significant sales opportunities for the Company
         for the remainder of 1998 and beyond.

         Cost of sales of $1,810,000 were incurred during the three-month period
         ended March 31, 1998, compared to $1,748,000 in the prior year. As a
         percentage of net sales, cost of sales was relatively unchanged
         compared to the same period in the prior year.



                                       8
<PAGE>   9
         Selling and marketing expenses for the three-month period ended March
         31, 1998 increased over the same period in the prior year by $60,000 or
         8%, due to the addition of $138,000 in such expenses for InfuSystem,
         Inc. Without the InfuSystem, Inc. selling and marketing expenses, the
         Company's selling and marketing expenses would have declined by $78,000
         which relates to the decrease in product sales noted above.

         General and administrative expenses for the three-month period ended
         March 31, 1998 increased $160,000 or 18% from the same period in the
         prior year, due to the addition of $240,000 of such expenses for
         InfuSystem, Inc. Without the InfuSystem, Inc. general and
         administrative expenses, the Company's general and administrative
         expenses would have declined by $80,000 due to the Company's
         consolidating of its facilities in California in July 1997 and
         therefore lowering its facilities costs thereafter.

         Product development expenses for the three-month period ended March 31,
         1998 decreased over the same period in the prior year by $116,000, or
         36%. With the acquisition of Block Medical, Inc. in July 1996, the
         Company increased its engineering staff but has since decreased the
         overall engineering costs by consolidating the engineering efforts of
         Block Medical, Inc. with its own. The Company will continue to incur
         product development expenses as it continues its efforts to introduce
         new improved-technology, cost-efficient products into the market.


LIQUIDITY AND CAPITAL RESOURCES

         During the three-month period ended March 31, 1998, funds of $619,000
         were used by operating activities consisting of a net loss of $148,000
         less non-cash expenses of $208,000 plus net changes in operating assets
         and liabilities of $679,000. These changes in operating assets and
         liabilities consisted of: (1) an increase in accounts receivable of
         $1,656,000 due to the addition of InfuSystem, Inc., less (2) a decrease
         in inventory, prepaid expenses and other of $393,000 and (4) a
         reduction in accounts payable and other liabilities of $1,942,000 due
         to the timing of payments of trade accounts payable.

         The Company used funds for investing activities during the three-month
         period ended March 31, 1998 by acquiring leasehold improvements,
         furniture, fixtures, equipment and other assets aggregating $393,000
         for use in its operations.

         During the three-month period ended March 31, 1998, funds of $874,000
         were provided by financing activities consisting primarily of proceeds
         from borrowings on notes payable net of payments on the line of credit.

         As of March 31, 1998, the Company had cash funds of $635,000 and net
         receivables of $6,009,000. To date, the Company has financed its
         operations and working capital requirements primarily through equity
         financings and bank borrowings. Management believes the Company's funds
         are sufficient to provide for its projected needs for operations for
         the next twelve months. However, the Company may decide to sell
         additional equity or increase its borrowings in order to fund increased
         product development or for other purposes.

YEAR 2000 COMPLIANCE

         Many currently installed computer systems and software products are
         coded to accept only two digit entries in the date code field. These
         date code fields will need to accept four digit entries to distinguish
         21st century dates from 20th century dates. As a result, in less than
         two years, computer systems and/or software used in many companies may
         need to be upgraded to comply with such "Year 2000" requirements.

         The Company is in the process of evaluating its own products for
         potential Year 2000 issues and making such products Year 2000
         compliant. The Company does not believe that there will be significant
         issues or costs associated to make their products Year 2000 compliant;
         however, there can be no assurance that such products do not contain
         undetected errors or defects associated with year 2000 date functions.



                                       9
<PAGE>   10
         The Company has received confirmation from vendors of certain purchased
         software used for internal operations that current releases or
         upgrades, if installed, are designed to be Year 2000 compliant. The
         Company is in the process of installing such upgrades to its current
         systems and believes that substantially all of the upgrades will be
         completed by December 31, 1998.

         The Company currently believes that becoming Year 2000 compliant will
         not have a significant impact on the financial position or results of
         operations of the Company. Although the Company is not aware of any
         material operational issues or costs associated with preparing its
         products or internal information systems for the year 2000, there can
         be no assurances that the Company will not experience serious
         unanticipated negative consequences and/or material costs caused by
         undetected errors or defects in the technology used in its internal
         systems, which are composed predominantly of third party software and
         hardware.

Item 3.  Quantitative and Qualitative Disclosures about Market Risk.- 
         Not Applicable


                           PART II - OTHER INFORMATION

Item 1.           Not Applicable

Item 2.           Changes in Securities and Use of Proceeds

                  On February 9, 1998, the Company entered into an Agreement and
                  Plan of Merger (the "Agreement") with, InfuSystems II, Inc.
                  ("InfuSystem"), Venture Medical, Inc. ("VMI") and the
                  shareholders of InfuSystems and VMI, contemplating the merger
                  of InfuSystem and VMI with and into a wholly-owned subsidiary
                  of the Company. Pursuant to the Agreement, VMI and InfuSystem
                  were merged (the "Merger") with and into the subsidiary
                  effective as of February 11, 1998 (the "Effective Time"). In
                  the Merger, all of the outstanding shares of Common Stock of
                  VMI and InfuSystem were exchanged for shares of Common Stock
                  of the Company. The aggregate number of shares of Common Stock
                  of the Company issued in the Merger to the shareholders of VMI
                  and InfuSystem was 972,372 shares valued at $2.9 million. In
                  accordance with the terms of the Agreement, 59,395 shares of
                  the Company's Common Stock were issued to Amherst Capital
                  Partners, L.L.C. (Amherst"), investment banker for InfuSystems
                  II, Inc. and Venture Medical, Inc., as payment of Amherst's
                  fees and expenses in connection with the Merger. The Company
                  relied on the exemption from registration provided by Section
                  4(2) of the Securities Act of 1933, as amended. Pursuant to
                  the Merger Agreement, the Company is obligated to use its
                  commercially reasonable best efforts to register the shares of
                  Common Stock within six months after the Effective Time.

Items 3. - 5.     Not Applicable

Item   6.         Exhibits and Reports on Form 8-K

                  (a)      Exhibits - none

                  (b)      During the quarter ended March 31, 1998, the Company
                           filed a Current Report on Form 8-K dated February 9,
                           1998 regarding the acquisition of InfuSystem II, Inc.
                           and Venture Medical, Inc.



                                       10
<PAGE>   11
                                   SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                                 I-FLOW CORPORATION
                                       -----------------------------------------
                                                     (Registrant)





Date: January 6, 1999                  /s/ DONALD M. EARHART
                                       -----------------------------------------
                                       Donald M. Earhart,
                                       Chairman, President and CEO




Date: January 6, 1999                  /s/ GAYLE L. ARNOLD
                                       -----------------------------------------
                                       Gayle L. Arnold,
                                       Vice President, Finance, Chief Financial
                                       Officer



                                       11
<PAGE>   12
                                INDEX TO EXHIBITS

     Set forth below is a list of the exhibits included or incorporated by
reference as part of this report:

<TABLE>
<CAPTION>
     Exhibit No.                           Exhibit
     -----------                           -------
<S>                   <C>
        3.1           Restated Articles of Incorporation of the Company (2)

        3.2           Certificate of Amendment to Restated Articles of
                      Incorporation dated June 14, 1991 (3)

        3.3           Certificate of Amendment to Restated Articles of
                      Incorporation dated May 12, 1992 (4)

        3.4           Certificate of Determination covering Company's Series B
                      Preferred Stock filed with the Secretary of State on
                      October 5, 1992 (4)

        3.5           Restated Bylaws as of July 22, 1991 of the Company (3)

        4.1           Specimen Common Stock Certificate (4)

        4.2           Warrant Agreement between the Company and American Stock
                      Transfer & Trust Company, as Warrant Agent, dated February
                      13, 1990 (1)

        4.3           Form of Warrant dated July 22, 1996, issued in conjunction
                      with the acquisition of Block Medical, Inc. (5)

       10.1           Agreement and Plan of Merger by and among I-Flow
                      Corporation, I-Flow Subsidiary, Inc., Venture Medical,
                      Inc., and InfuSystems II, Inc. and the Shareholders of
                      Venture Medical, Inc. and InfuSystems II, Inc. (6)
</TABLE>

(1)      Incorporated by reference to exhibit with this title filed with the
         Company's Registration Statement (#33-32263-LA) declared effective
         February 1, 1990.

(2)      Incorporated by reference to exhibit with this title filed with the
         Company's Form 10-K for its fiscal year ended September 30, 1990.

(3)      Incorporated by reference to exhibit with this title filed with the
         Company's Registration Statement (#33-41207-LA) declared effective
         August 8, 1991.

(4)      Incorporated by reference to exhibit with this title filed with the
         Company's Post Effective Amendment to its Registration Statement
         (#33-41207-LA) declared effective November 6, 1992.

(5)      Incorporated by reference to exhibit with this title filed with the
         Company's Report on Form 8-K dated July 22, 1996.

(6)      Incorporated by reference to exhibit with this title filed with the
         Company's Report on Form 8-K dated February 9, 1998.



                                       12