<PAGE>   1

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 10-Q
(Mark One)

[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934.

     For the quarterly period ended    June 30, 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
incorporation or organization)                    Identification No.)


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

        Indicate the number of shares outstanding of each of the issuer's
classes of common stock as of the latest practicable date.

        As of June 30, 1998 there were 13,417,956 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 JUNE 30, 1998

                                TABLE OF CONTENTS

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

           Item 1.  Financial Statements

                    Consolidated Balance Sheets as of June 30, 1998 (Unaudited)                   
                        and December 31, 1997                                                    3
                                                                                                  
                    Consolidated Statements of Operations for the three and six-month             
                        periods ended June 30, 1998 and 1997 (Unaudited)                         4
                                                                                                  
                    Consolidated Statements of Cash Flows for the six-month periods               
                        ended June 30, 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                                                                           12
</TABLE>


<PAGE>   3

                               I-FLOW CORPORATION

                          CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                 June 30,         December 31,
                                                                   1998               1997
                                                               ------------       ------------
                                                               (Unaudited)
<S>                                                            <C>                <C>
ASSETS

  CURRENT ASSETS:
    Cash and cash equivalents                                  $    742,000       $    715,000
    Accounts receivable, net                                      7,287,000          5,127,000
    Inventories                                                   4,843,000          4,058,000
    Prepaids and other                                              451,000            140,000
                                                               ------------       ------------
       Total current assets                                      13,323,000         10,040,000
                                                               ------------       ------------
PROPERTY:
    Furniture, fixtures and equipment                             9,275,000          4,170,000
    Less accumulated depreciation                                (5,478,000)        (1,939,000)
                                                               ------------       ------------
       Property, net                                              3,797,000          2,231,000
                                                               ------------       ------------

OTHER ASSETS
    Goodwill and other intangibles, net                           6,776,000          3,983,000
    Notes receivable and other                                    1,287,000          1,380,000
                                                               ------------       ------------
TOTAL                                                          $ 25,183,000       $ 17,634,000
                                                               ============       ============


LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:
    Accounts payable                                           $  1,799,000       $  1,828,000
    Accrued payroll and related expenses                          1,016,000            895,000
    Deferred revenue                                                 31,000             58,000
    Current portion of long-term debt                             1,777,000          1,000,000
    Borrowings under line-of-credit                               2,835,000          1,500,000
    Other liabilities                                                    --            186,000
                                                               ------------       ------------
       Total current liabilities                                  7,458,000          5,467,000
                                                               ------------       ------------
LONG-TERM DEBT                                                    3,954,000          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 June 30, 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; 13,417,956 and 12,393,619 shares
      issued and outstanding at June 30, 1998 and
      December 31, 1997, respectively                            36,910,000         33,853,000
    Common stock warrants                                           615,000            615,000
    Accumulated deficit                                         (25,248,000)       (25,374,000)
                                                               ------------       ------------
       Net shareholders' equity                                  13,771,000         10,588,000
                                                               ------------       ------------
TOTAL                                                          $ 25,183,000       $ 17,634,000
                                                               ============       ============
</TABLE>

See accompanying notes to condolidated financial statements


                                       3

<PAGE>   4

                               I-FLOW CORPORATION

                     CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (Unaudited)

<TABLE>
<CAPTION>
                                        Three Months Ended                   Six Months Ended
                                             June 30,                            June 30,
                                   -----------------------------       -----------------------------
                                      1998               1997              1998              1997
                                   -----------       -----------       -----------       -----------
<S>                                <C>               <C>               <C>               <C>
Net revenues                       $ 5,897,000       $ 5,057,000       $ 9,964,000       $ 9,362,000
                                   -----------       -----------       -----------       -----------

Costs and expenses:
  Cost of sales                      2,637,000         2,058,000         4,444,000         3,806,000
  Selling and marketing              1,081,000           827,000         1,932,000         1,620,000
  General and administrative         1,438,000           786,000         2,483,000         1,682,000
  Amortization of intangibles          193,000           120,000           336,000           236,000
  Product development                  233,000           278,000           442,000           605,000
                                   -----------       -----------       -----------       -----------
    Total costs and expenses         5,582,000         4,069,000         9,637,000         7,949,000

Operating profit                       315,000           988,000           327,000         1,413,000

Interest income (expense)             (165,000)          (60,000)         (317,000)         (142,000)
Income taxes                           (17,000)          (31,000)          (24,000)          (37,000)
                                   -----------       -----------       -----------       -----------
Net income (loss)                  $   133,000       $   897,000       $   (14,000)      $ 1,234,000
                                   ===========       ===========       ===========       ===========

Net income (loss) per share
     Basic                         $      0.01       $      0.07       $      --         $      0.10
                                   ===========       ===========       ===========       ===========
     Diluted                       $      0.01       $      0.07       $      --         $      0.09
                                   ===========       ===========       ===========       ===========
</TABLE>


See accompanying notes to consolidated financial statements

                                       4

<PAGE>   5

                               I-FLOW CORPORATION

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (Unaudited)
<TABLE>
<CAPTION>
                                                                          Six Months Ended
                                                                              June 30,
                                                                    -----------------------------
                                                                        1998             1997
                                                                    ------------      -----------
<S>                                                                 <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:

Net income (loss)                                                   $   (14,000)      $ 1,234,000
Adjustments to reconcile net income (loss)
  to net cash provided by operations:
  Depreciation and amortization                                         885,000           559,000
  Changes in operating assets and liabilities:
    Royalty receivable                                                     --           1,000,000
    Accounts receivable                                                 378,000        (1,532,000)
    Inventories                                                        (101,000)         (859,000)
    Prepaid expenses and other                                         (158,000)          (64,000)
    Accounts payable, accrued and other liabilities                  (1,835,000)         (595,000)
                                                                    -----------       -----------
Net cash provided (used) by operating activities                       (845,000)         (257,000)
                                                                    -----------       -----------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Property (acquisitions) disposals                                    (112,000)         (437,000)
  Change in other assets                                               (105,000)          (83,000)
                                                                    -----------       -----------
Net cash used by investing activities                                  (217,000)         (520,000)
                                                                    -----------       -----------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Change in line of credit                                             (751,000)             --
  Change in notes payable                                             1,705,000          (500,000)
  Proceeds from exercise of stock options and warrants                   13,000           563,000
                                                                    -----------       -----------
Net cash provided (used) by financing activities                        967,000            63,000
                                                                    -----------       -----------

Effect of exchange rates on cash                                        122,000              --

NET DECREASE IN CASH AND CASH EQUIVALENTS                                27,000          (714,000)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                        715,000         1,651,000
                                                                    ----------        -----------
CASH AND CASH EQUIVALENTS AT END OF PERIOD                          $   742,000       $   937,000
                                                                    ===========       ===========


SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid                                                           218,000           164,000
                                                                    -----------       -----------
Income tax payments                                                      24,000            38,000
                                                                    -----------       -----------
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 June 30, 1998 and the results of its operations
    and its cash flows for the six-month periods ended June 30, 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 and the financial
    statements of Venture Medical, Inc. and InfuSystem II, Inc. included in the
    Company's Current Report on Form 8-KA dated February 9, 1998.

    Certain amounts previously reported have been reclassified to conform with
    the presentation at June 30, 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    Six Months Ended
                                                June 30,             June 30,
                                          ------------------    ----------------
                                           1998       1997      1998      1997
                                          ------     ------    ------    ------
                                                  (Amounts in thousands)
<S>                                        <C>        <C>       <C>       <C>
   Basic net income (loss) per share
   Weighted average number of shares 
     outstanding                           13,418     12,136    13,180    12,106
   Effect of dilutive securities:
     Preferred stock                          700        700       700       700
     Stock options                            272        823       -         823
   -----------------------------------------------------------------------------
   Diluted net income (loss)
      per share
   Weighted average number of
      shares outstanding                   14,390     13,659    13,880    13,629
   -----------------------------------------------------------------------------
</TABLE>


                                       6


<PAGE>   7

3.  RECENT ACCOUNTING PRONOUNCEMENTS

    The Company has adopted SFAS No. 130, Reporting Comprehensive Income, for
    the period ending June 30, 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. 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.

    In the Merger, all of the outstanding shares of Common Stock of VMI and
    InfuSystems 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 InfuSystems was 972,372 shares, valued
    at approximately $2.9 million (subject to certain post-closing adjustments).
    As contemplated by the Agreement, shares of Common Stock of the Registrant
    issued in the Merger valued at $1.5 million (the "Escrowed Shares") were
    withheld and were delivered to an escrow agent, to be deposited in escrow.
    The Escrowed Shares, or cash equal to the closing value of the Escrowed
    Shares, will be held for a period of two years during which time they will
    be subject to claims by the Company to satisfy the obligations of
    InfuSystems, VMI and the shareholders of InfuSystems and VMI under the
    Agreement (subject to the possible earlier release of a portion of the
    Escrowed Shares in connection with collection of certain accounts
    receivable). At each of the six-month, one-year, eighteen-month and two-year
    anniversaries of the closing, if the value of the Company's Common Stock at
    such time is less than the value of its Common Stock as of the closing
    ($2.98 per share), then the Company will be obligated to pay additional
    amounts as merger consideration. The additional amounts, if any, will be
    calculated pursuant to the formula set forth in the Agreement. At the
    Company's election, it may pay such additional merger consideration, if any,
    by the issuance of additional shares of its Common Stock, in cash, or any
    combination thereof.


                                       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 and six-month period ended June 30, 1998 were
    $5,897,000 and $9,964,000, respectively, compared to $5,057,000 and
    $9,362,000 for the same periods in the prior year. 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. Revenues generated by InfuSystem, Inc. of $1,628,000 and $2,711,000
    for the periods from April 1, 1998 through June 30, 1998 and February 11,
    1998 (date of acquisition) through June 30, 1998, were included in net
    revenues for the three and six-month periods ended June, 1998.

    During this year 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 $2,637,000 and $4,444,000 were incurred during the three
    and six-month periods ended June 30, 1998, compared to $2,058,000 and
    $3,806,000 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.

    Selling and marketing expenses for the three and six-month periods ended
    June 30, 1998 increased over the same periods in the prior year by $254,000
    or 31% and $312,000 or 19%, respectively. This increase is due to the
    addition of $298,000 and $435,000, for the three and six-month periods ended
    June 30, 1998 of such expenses for InfuSystem, Inc. Without the InfuSystem,
    Inc. selling and marketing expenses, the Company's selling and marketing
    expenses for the three and six-month periods ended June 30, 1998 would have
    declined by $44,000 and $123,000, respectively.

    General and administrative expenses for the three and six-month periods
    ended June 30, 1998 increased $652,000 or 83% and $801,000 or 48%,
    respectively, from the same periods in the prior year, due to the


                                       8

<PAGE>   9

    addition of InfuSystem, Inc. For the three and six-month periods ended June
    30, 1998 InfuSystem, Inc. incurred general and administrative expenses of
    $496,000 and $736,000, respectively. Without the InfuSystem, Inc. general
    and administrative expenses, the Company's general and administrative
    expenses for the three and six-month periods ended June 30, 1998 would have
    only increased by $156,000 or 20% and $65,000 or 4%, respectively.

    Product development expenses for the three and six-month periods ended June
    30, 1998 decreased over the same period in the prior year by $45,000, or 16%
    and $163,000 or 27%, respectively. 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 six-month period ended June 30, 1998, funds of $845,000 were used
    by operating activities consisting of a net loss of $14,000 plus non-cash
    expenses of $885,000 less net changes in operating assets and liabilities of
    $1,716,000. These changes in operating assets and liabilities consisted of:
    (1) a decrease in accounts receivable of $378,000 due to improved
    collections, less (2) an increase in inventory, prepaid expenses and other
    of $259,000 due to the addition of InfuSystem and (4) a reduction in
    accounts payable and other liabilities of $1,835,000 due to the timing of
    payments of trade accounts payable.

    The Company used funds for investing activities during the six-month period
    ended June 30, 1998 by acquiring leasehold improvements, furniture,
    fixtures, equipment and other assets aggregating $217,000 for use in its
    operations.

    During the six-month period ended June 30, 1998, funds of $967,000 were
    provided by financing activities consisting primarily of proceeds from
    borrowings on notes payable of $2,500,000, net of payments on notes payable
    of $795,000 and a reduction in the outstanding balance on the line of 
    credit of $751,000.

    As of June 30, 1998, the Company had cash funds of $742,000 and net
    receivables of $7,287,000. 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.

    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.


                                       9


<PAGE>   10

    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. -3     Not Applicable

Item 4.  Submission of Matters to a Vote of Security Holders

         (a) On May 21, 1998, the Company held its Annual Shareholders' Meeting.

         (b) Donald M. Earhart, Jack H. Halperin, Dr. John H. Abeles, Erik H.
             Loudon, Dr. Henry T. Tai, Charles C. McGettigan, Joel S. Kanter and
             James J. Dal Porto were elected as Directors of the Company at the
             Annual Shareholders' Meeting.

         (c) A total of 12,243,828 of the outstanding voting securities were
             represented at the Annual Shareholders' by proxy or in person. All
             matters voted upon and approved at the Annual Shareholders' Meeting
             were as follows:

             (1) The separate tabulation of the votes for each Director elected
                 is as follows, with no abstentions, or broker non-votes:

<TABLE>
<CAPTION>
                 Director Nominee             Votes For    Votes Against
                 ----------------             ---------    -------------
<S>                                           <C>             <C>
                 Donald M. Earhart            11,755,895      487,933
                 Dr. John H. Abeles           11,860,420      383,408
                 Erik H. Loudon               11,963,195      280,633
                 Dr. Henry T. Tai             11,961,320      282,508
                 Joel S. Kanter               11,978,020      265,808
                 Jack H. Halperin             11,962,195      281,633
                 Charles C. McGettigan        11,962,320      281,508
                 James J. Dal Porto           11,962,195      281,633
</TABLE>


Items 5. Not Applicable

Item  6. Exhibits and Reports on Form 8-K

        During the quarter ended June 30, 1998, the Company filed no Current
        Reports on Form 8-K.

        Exhibits

      Exhibit No.                           Exhibit
      -----------                           -------
        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)


                                       10

<PAGE>   11


      Exhibit No.                           Exhibit
      -----------                           -------
        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)

       27.1       Financial Data Schedule
-------------------

(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.


                                       11

<PAGE>   12

                                   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: August 14, 1998                        /s/ DONALD M. EARHART 
                                             -----------------------------------
                                                 Donald M. Earhart,
                                                 Chairman, President and CEO



Date: August 14, 1998                        /s/ GAYLE L. ARNOLD
                                             -----------------------------------
                                                 Gayle L. Arnold,
                                                 Chief Financial Officer



                                       12

<PAGE>   13

                                 EXHIBIT INDEX


      Exhibit No.                           Exhibit
      -----------                           -------
        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)

       27.1       Financial Data Schedule
-------------------

(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.