http://www.reuters.com/article/healt...26649520071108
LOS ANGELES, Nov 8 (Reuters) - Abbott Laboratories (ABT.N: Quote, Profile, Research) is close to ending its Navigator Continuous Glucose Monitor program and initiating layoffs in its diabetes division, a financial analyst said on Thursday, citing industry contacts. "U.S. approval of Navigator has been delayed for some time now for reasons which are unclear to us," Wachovia Capital Markets analyst Larry Biegelsen said in a client note.
Biegelsen said it appears that Abbott has been unable to sell Navigator, which may reflect how far behind the company has fallen versus Medtronic Inc (MDT.N: Quote, Profile, Research) and DexCom Inc (DXCM.O: Quote, Profile, Research), in terms of time to market.
A spokesman from Abbott's diabetes division did not immediately respond to requests for comment.
The analyst said Abbott had an agreement with Insulet Corp (PODD.O: Quote, Profile, Research) to integrate Navigator and Insulet's OmniPod.
"We understand that Insulet is pursuing a tie-up of some sort with (DexCom) due to the delays with Navigator," said Biegelsen, who noted that DexCom has a seven-day sensor, versus Abbott's five-day sensor.
Abbott won European regulatory approval for the Navigator Continuous Glucose Monitor in June.
Abbott shares rose 17 cents to $53.92 on Thursday on the New York Stock Exchange.
(Reporting by Lisa Baertlein; editing by Jeffrey Benkoe)
((lisa.baertlein@reuters.com; +1 213 955 6742; Reuters Messaging:
lisa.baertlein.reuters.com@reuters.net)) Keywords: ABBOTT NAVIGATOR/ANALYST
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