A rapid exchange catheter has an outer conduit and a hollow inner conduit disposed in the lumen of the outer conduit. The inner conduit includes a distal part, a proximal part and a variable length sleeve member sealingly attached between the proximal part and distal part. The distal end of the distal part of the inner conduit extends beyond the distal end of the outer conduit. An inflatable balloon is sealingly attached to the distal end of the outer conduit and to the proximal part of the inner conduit. The balloon intussuscepts upon proximal movement of the distal part of the inner conduit. A pulling member is attached to the distal part of the inner conduit for moving the distal part of the inner conduit proximally to longitudinally shorten the sleeve member. A fluid port allows inflating and deflating the balloon.
