A system and method for making at least one cut in a catheter, guide wire or other elongate cylindrical object having a lengthwise axis, comprising a securing means for repeatedly releasing and then holding the elongate object in a position suitable for cutting it at an angle or transversely relative to its lengthwise axis, a manipulating means for moving the elongate object so that it can be disposed in the position suitable for cutting when it is released by the securing means, and a cutting means for forming the at least one precision cut in the elongate object to any desired depth. The securing means preferably comprises a rotatable collet clamp, and the manipulating means preferably comprises a pinch roller assembly for advancing and holding the elongate object. The cutting means is preferably a mechanical blade mounted on a rotatable spindle, and is free to move vertically and horizontally with respect to the elongate object to thereby control the location, size and depth of the cuts in the cylindrical object disposed adjacent thereto. The clamp is configured to hold and position the object to be cut so as to expose the entire circumference of the cylindrical object to the saw blade if desired. By releasing the clamp, the pinch roller advances the cylindrical object before the clamp is re-engaged to securely hold the cylindrical object for cutting.