Medtronic is facing sluggish sales growth, is in the midst of deep cost-cutting and started ongoing global layoffs in April. It's also spinning off businesses with weaker profit margins.

So med-tech analysts will be watching closely Thursday as the world's largest medical device maker reports its fiscal fourth-quarter results.

Wall Street analysts have predicted a consensus revenue estimate of $8.25 billion for the quarter, a 2% increase over the year-ago period. They predict adjusted earnings per share of $1.56, a 2.6% increase, for Medtronic, which is based in Ireland but run from Fridley, Minnesota.

"We believe that (Medtronic) appears to be turning a corner," said Mike Matson of Boston-based Needham & Co. in a research note. He called the company's recent challenges such as supply-chain issues "transitory."

Yet making changes to a company with the size, diversity and complexity of Medtronic is no easy task, said Rick Wise, managing director for the health care sector at St. Louis-based Stifel.

In the long term, Wise said he's optimistic about Medtronic CEO Geoff Martha's leadership.

"You try to move this supertanker; it's challenging," he said. "I think he's taking the company in a positive direction. It's going to take time. Do I wish it could go faster? I sure do."

So it's important, he said, that Medtronic leaders give achievable financial targets to Wall Street.

"They've got to guide and comment about future expectations in a way that they don't disappoint," he said.

While providing some guidance, the company has resisted providing specifics in other areas such as job cuts.

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