I never pay attention to the "grades" only the data, especially the waterfall graph/data. The grades are ridiculous, and mostly meant to cause alarm. You can score 100/100 on almost every test, but get a "D" overall because you scored poorly on 1 or 2 tests. It's great tool for techs, but in the hands of a client almost every result/score appears terrible.

It uses an older version of Pagespeed, yes.