"Replace Now" indicates the battery capacity has decreased to a point most users will not be happy using the laptop on battery power (maybe just one or two hours at most --- likely less). If you are Ok with the battery's current performance, then ignore this condition until you are unhappy with the Battery's performance. If the condition changes to "Service Battery", then this indicates macOS has detected a hardware issue with the battery which should probably be replaced by Apple or an AASP.
FYI, later versions of macOS will only show "Normal" or "Service Recommended". The latter corresponds to the "Service Battery", "Replace Now", and "Replace Soon" (the "Replace Soon" indicates the battery capacity has dropped below 80% of Design Capacity).
The only time Charge Cycles has any real meaning is when the Charge Cycles are nearing 1,000 which would tell you that the battery may be getting to its end of life. Otherwise disregard the Charge Cycles as a health indicator.