In his final earnings call with analysts, soon-to-be-retiring Medtronic (NYSE:MDT) Chairman and CEO Bill Hawkins may have wished to deliver better news.

Instead, he announced that between 1,500 and 2,000 Medtronic layoffs would occur at the Fridley-based company. In other words, 4 percent to 5 percent of the company’s workforce would lose jobs. No other details of where the layoffs would occur were provided. The layoffs are scheduled for sometime in the next three months.

The announcement was part of the company’s third fiscal quarter earnings, which saw revenue at the company’s main Cardiac Rhythm Disease Management division decline 2 percent to $1.22 billion as it lost market share in key markets.

Overall, in the quarter ended Jan. 28, revenue increased 3 percent to $3.96 billion, up from $ $3.85 billion in the same period a year ago. Net income was $924 million, or 86 cents per diluted share in the fiscal third quarter, up from $831 million, or 75 cents a year ago.

The company also reiterated a plan to divest Physio-Control, a wholly owned subsidiary of the company.