Welcome to the world of Swarovski LRF ownership.
No it is not a dud. It is normal.
Need to have fresh batteries at all times.
Need to keep your eye in the centre if the lens to see the orange circle properly.
Before taking a reading wait 3 seconds between pressing the button for the thing to charge up.
If the orange circle disapears altogether. Remove the battery, wait a few seconds and then replace the battery. This resets the thing.
Don't keep pressing the button. Give it time to recharge between shots.
They read a long way but you need to take care with how you use them.
I have tried three and they have all been the same.
Good luck.