Well, with those readings, I don't imagine a running compression test is necessary. You have an 18% discrepancy between the highest and lowest cylinders so that is a "fail".
But, all is not lost. The next step is to find where the compression is going in 2 and 4 and the answer could be as simple as valve lash is too tight. That's what I would check next and hope that you just need a little adjustment.
Another possibility is that you could have a timing issue. Notice how the pressures are somewhat symmetrical. 1 and 3 are similar to each other and 2 and 4 are similar to each other only lower. I'm wondering if this could be from a sloppy belt or a "bouncy" tensioner skewing the valve sequencing just a tad?? Speculation on my part but worth checking out. Because, IN MY OPINION, if you could bring 2 and 4 up to within 10% (or less) of 1 and 3, I think you would have a serviceable (albeit not perfect) engine without doing any extensive internal work to the powerhead.
If the compression can't be improved through valve adjustment, or belt/tensioner replacement then you may want to do what is called a "WET" compression test. This is performed just like the "DRY" test you just completed with the exception that you put a small quantity of oil on the piston of each cylinder being tested. If the compression for a cylinder goes up substantially with oil on the piston, that would be an indication that the initial pressure loss is due to ring wear. Doing this test requires that you make every effort to get the oil to spread out on the CROWN of the piston. With an outboard, this means propping the engine so that the cylinders go from horizontal to vertical. Depending on where you are and what you have to work with, this may not be very easy.
Other than that, a cylinder leakdown test, which requires a special tool as well as shop air, might tell you if you have a valve seating problem or are losing pressure past the rings. Most shops forgo the wet test for this one these days. But, if you don't have access to the tool and/or air, the wet test is a viable alternative for diagnosing what you are up against.
Think POSITIVE! Think VALVE ADJUSTMENT!
Good luck.
Good luck.