UPDATE 1-Abbott profit more than doubles as medical device sales rebound

Abbott Laboratories’ quarterly profit more than doubled on Thursday, due to strength in its diagnostics business and a rebound in medical device sales. The medical device maker and its rivals, Quest Diagnostics and Becton Dickinson and Co, banked on soaring sales of COVID-19 tests last year to cushion a lockdown-driven hit to their mainstay businesses. But with curbs lifted and vaccinations gathering pace, demand for medical devices is returning as more people opt for non-urgent procedures.