Short battery life - Macbook pro 13" Mid 2012 and AppleCare

My macbook only lasts around exactly 2 hours - even with 100% battery - The cycle count is currently 551 and it says the condition is normal but it still lasts a very short time. So if it's supposed to be lasting 5-7 hours, does it need replacing? And would AppleCare cover that?

Thanks 🙂