Not designed anything new?
It seems unlikely they haven't designed anything new, but designing != releasing for Apple. They aren't exactly known for their wide product portfolio, after all. It's been four years since the iPad, three years before that to the iPhone, six years before that to the iPod. If they release an iWatch (or whatever new product) within the next year, they'll be keeping to their (frustratingly, for analysts who like to have stuff to write about) slow pace of releasing new products only when they think they're ready.
Remember, they had the iPad ready before the iPhone was, but they needed to wait for technology to catch up to be able to offer what they wanted to offer at the price they wanted to offer it at (remember all the pre-iPad rumors that it would cost $1000 or more?)