Re/Code's sources seem to think so.

I'm thinking more and more that it's not going to be an iWatch. A wearable device is a definite possibility, but an iWatch likely won't be ready this year. I keep coming back to battery life issues for a wearable device with a screen. If you have to charge it every day, I think that's something that will make Apple wait until the technology is ready. Apple has proven time and time again that they won't rush something to market until it's ready. They're not Samsung. There will be no Galaxy Gear and Galaxy Gear 2—that are pieces of junk—released in less than a year. Maybe it will be later this year if they've got a battery breakthrough, but likely it won't be until at least next year, maybe later.

I'm thinking more along the lines of a Nike Fuelband type of device that has lots of sensors and can work with Healthkit. We'll see.