Polar FT60 - Calorie Burn Very Low - Help!

I just got a Polar Ft60 and my calorie burns are a third of what my old HRM calculated. Has anyone else had this problem?

I get there is variation among HRM equations but the FT60 is saying I burn appx 4 calories a minute when at 150 bpm (83% max) for my HIIT workouts. This is way off compared to appx. 13 calories a minute with my other HRM at the same intensity. I set everything up properly and re-checked everything. My VO2 Max did come in "Very Low" (that's what the watch said) at 22. That's the only setting difference between the Polar and my previous model (MIO Drive). Could tjis be the problem? A MFP budfy just went through the exact same issue with her HRM (not a Polar) and it was defective, that's the only other thing I can come up with...... Any input on the FT60 or what could be the issue is appreciated!