--- node_content.inc	2009-09-02 16:41:39.000000000 -0400
+++ node_content.inc	2009-09-04 15:41:39.000000000 -0400
@@ -87,7 +87,9 @@ function ctools_node_content_render_node
     $node = node_invoke($node, 'view', $conf['teaser'], $conf['page']);
   }
   else {
-    $node = node_prepare($node, $conf['teaser']);
+    if (!$node->panels_node) {
+  	$node = node_prepare($node, $conf['teaser']);
+    }
   }
 
   if (empty($conf['no_extras'])) {