A mold tool and cutting system are described for in-mold cutting of a molded article. The cutting system comprises a blade assembly for incorporation into the mold tool, defining at least in part a cavity for forming a molded article, the blade assembly including an extendable cutting blade and a wedge slide. The wedge slide is capable of rearward displacement to expose the cutting blade. During a molding process, the wedge slide is displaced fully forward so as to present a continuous molding profile with adjacent molding surfaces. Following the molding process, the wedge slide is displaced rearwardly so as to expose the cutting blade. The cutting blade is then extended into the cavity to cut a molded article contained therein.