Following an October 11th downgrade of Abbott Laboratories to market perform, Wachovia released further negative reports related to Abbott’s Navigator Continuous Glucose Monitor.
Abbott won European regulatory approval for the Navigator Continuous Glucose Monitor in June, but analyst Larry Biegelsen believes Abbott had been unable to sell Navigator, and that the lack of a sale reflects how far behind Medtronic the company has fallen in getting the product to market.
Abbott had an agreement with Insulet to integrate Navigator and Insulet’s OmniPod – a continuous insulin delivery system. Biegelsen believes, “Insulet is pursuing a tie-up of some sort with (DexCom) due to the delays with Navigator.” Beigelsen noted that DexCom has a seven-day sensor while Abbott’s lasts only five days.
Abbott Laboratories said on Thursday that it is not ending its Navigator Continuous Glucose Monitor Program or initiating layoffs in its diabetes division – Biegelsen said in a client note that such actions were in the works.
“The information in the note is completely inaccurate,” Abbott spokeswoman Catherine Bryan said of the Wachovia report. Bryan said the company was planning to launch its Navigator Continuous Glucose Monitoring system in the United States in early 2008.