Is the new formula for the colorgram contour stick supposed to be this sheer in colour?

I originally got the old 02 modern shade. The shade looks cool on me but I love the formula, so I purchased the new 03 neutral shade. I don’t know if they have been reformulated, but the swatches showed up drastically differently. As shown in the above picture, I have both the new and old ones swatched on my hand once, and as you can see, the new version looks very… sheer? The old one looks a lot more pigmented in comparison, is it supposed to look this way or did I just got a bad product?