I am using the whole camera calibration workflow, as shown in the tutorial, for a RedEdge camera with firmware v2.1.3, without any problems.

But when I apply the same workflow for images from the RedEdge-M camera (firmware v3.3.0), the lens distortion correction produces a very weird result (see below).

I figured, that there must be a problem in the EXIF tags that are used for the calibration. Indeed there is a interesting difference in the tag "Perspective Focal Length":
RedEdge-M: Perspective Focal Length: 5.4418739708109527
RedEdge: Perspective Focal Length : 1459.7272592972727

All other tags are in a similar value range (see below exif files)
rededge_exif.txt
rededge_m_exif.txt

Here is the RedEdge-M image I used, to reproduce this behavior:
https://goo.gl/pPKkRm