A material-removing machine for removing material from a cone section of a medical balloon includes a material-removing element operatively connected to a prime mover such that operation of the prime mover imparts rotation to the material-removing element about a rotational axis. The material-removing element includes an interior surface defining a generally conical-shaped cavity extending along the rotational axis and adapted to receive at least a longitudinal portion of a cone section of an expanded medical balloon for removing material from the longitudinal portion of the cone section to reduce a wall thickness of the cone section. Material may be removed continuously around a 360-degree exterior perimeter of the longitudinal portion of the cone section of the medical balloon to reduce the thickness of the balloon wall defining the cone section.