Abstract: Apparatus and methods for retracting a balloon back into a delivery sheath following a medical procedure using the balloon. A handle on the device includes a balloon folding mechanism coupled to a proximal end of a guide wire shaft so that actuating the balloon folding mechanism causes rotation of the guide wire shaft within a catheter body. A distal end of the balloon is attached to a distal end of the guide wire shaft, which extends beyond the distal end of the catheter body, and a proximal end of the balloon is attached to the distal end of the catheter body so that actuating the folding mechanism causes the balloon to wrap around the guide wire shaft. The folding mechanism may also be configured for elongating the balloon. Rotating, or rotating and elongating, the deflated balloon results in a balloon with a smaller profile that may easily be retracted into a delivery sheath.