Medtronic, Inc. (MDT) will report its fiscal first quarter results tomorrow before the market opens. The Zacks Consensus Estimate for the current quarter is pegged at 78 cents per share. Revenues are estimated at $3.82 billion.??

Stability in the company’s two leading segments – heart and spinal devices – is expected in the first quarter. The company suffered major setbacks in these segments. Medtronic has lost market share of implantable cardiac defibrillators (ICDs) to rivals Boston Scientific Corp. (BSX) and St. Jude Medical (STJ) in 2009. The company also recalled roughly 37,000 pacemakers due to manufacturing defects.

The company is looking to reduce headcount following the dismal last quarter earnings, which declined roughly 69% on lower sales, restructuring and other charges. It expects to reduce its headcount for a maximum of 1,800 employees.?

Medtronic is one of the world’s leading medical technology companies, specializing in implantable and interventional therapy devices and products. Management has a typical ‘ONE Medtronic’ approach that encompasses the following goals: drive sustainable long term growth of 9%-11% through innovation; focus on increasing operating margins by 300 to 400 basis points; EPS growth of 11%-14% and return a minimum of 40%-50% of free cash flow to shareholders annually; and align the organization for consistent execution.