I'd rule out that particular compression gauge before tearing it down again. If it's one that uses the length of tubing (or even an adapter) it's very easy to get 'low' readings given the small trapped volume of the engine.
A couple of cc's extra volume can add a significant drop in compression ratio. Add that to an engine running a large squish (already low comp), some hours, and a bleed port coupled with soft/slow kick overs, a cold engine, etc and you can have some low figures.
As stated earlier it really needs to be used as a baseline and comparison with all other variables remaining the same. Then you can draw conclusions regarding wear on the engine. Without, it's just stabbing in the dark.
On larger engines, the difference between trapped volume and trapped + adapaters/tubing is less, and even then on multi cylinder engines you're typically looking for variance between cylinders rather than measuring compression. There is a reason why some gauges are cheap and chips and others cost the buku dollars.