Insulet (NSDQ:PODD) said it extended its long-standing exclusive agreement with Abbott Laboratories (NYSE:ABT) for the integration of Abbott’s FreeStyle blood-glucose monitoring technology into its OmniPod tubeless insulin-pump system.
The OmniPod hand-held Personal Diabetes Manager (PDM) currently features a FreeStyle blood-glucose meter, which eliminates the need for users to carry two devices. Terms of the agreement were not disclosed.
“We have enjoyed a successful collaboration with Abbott for more than a decade and we are very pleased to continue our long-standing relationship,” Insulet CEO Patrick Sullivan said in a statement. “Tens of thousands of OmniPod users around the world are using the FreeStyle strip platform today and we’re pleased to be working with Abbott to incorporate the FreeStyle Lite technology into our next-generation PDM currently in development.”
Last month, Insulet lowered its 4th-quarter and full-year 2014 guidance. The company also announced the departure of its long-time chief commercial officer and the hiring of 6 new executives. Insulet is slated to announce its full 4th-quarter and 2014 results Feb. 26.