I'd suggest applying. The application is a simple process and the worst outcome is not getting accepted.

From the website:

"Q. What if my child does not meet the minimum qualification criteria?
As we strive to serve the extreme of the gifted population, the scores listed on our website are considered to be the minimum eligibility requirements. However, we recognize that testing is only a small snapshot of a whole child and we take the entire application into consideration when determining eligibility. If the tester feels there were extraneous circumstances preventing a child from meeting the minimum criteria, a letter from the tester included with the application to explain the test scores will be considered in the review process. You may also review the Supplemental Information section on the Qualification Criteria page if you would like to include additional information that you believe may assist the review committee in making a decision. Many very bright students may not meet our qualification criteria for this program, but are likely to benefit from the information and free resources that the Davidson Institute makes available to the public via our websites, including our searchable Davidson Gifted Database, the public Gifted Issues discussion forum, and several guidebooks."

My son was slightly below the criteria - with a well documented reason that depressed his score. I applied anyway after much second-guessing and procrastination. I included one supplemental document - a letter explaining why I consider his score to be lower than actual ability and what evidence leads me to the conclusion. He was accepted! So it does happen!