Typically, it means that your blood doesn't contain as much oxygen as it should (although it could also mean increased levels of CO2, carbon monoxide presence, increased O2, other more exotic things). If this is the case, it can result from something as minor as a chest cold, being anxious, or it can indicate a more serious condition, typically pulmonary. It's more often seen in smokers. It's not something to cheer about, but without further information, I can't say it's it's truly bad news either. By itself, this means almost nothing. The diagnosis will be made in conjunction with other factors.
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