T430 battery stuck at 499 charge cycles

[UMPC2024]

I have a T430 2342 CTO with Windows 7 Home Premium 64 bit. It has a Sanyo 70+ battery designed for 56.16 Wh and is currently at 32.10 Wh. For the last three charge cycles, the Lenovo Battery Manager reports that there are 499 charges even though I have cycled more than 80% difference for the past 3 times. I recently performed a battery gauge rest on the battery last week at 490 charge cycles. Does this mean the battery is on the way out or that I need to do a battery recalibration?

Thanks!