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Forerunner 35 keeps losing time and switching off

Over the past few days my Forerunner 35 has been acting very strangely. It randomly switches off and when turned back on, the time it displays is incorrect. When I've synced with the Garmin App on my iPhone it will display the correct time but then within minutes its running slow.

I've tried doing a soft reset and a reset to restore factory (default) settings but neither seem to be effective.

To illustrate how bad the time-keeping is, since I started writing this problem description the watch has lost 1 minute of time. There are no software updates pending for the device. 

Anyone have any suggestions?