Catasetum: new growth?

[malteseproverb]

I bought this Catasetum 'Dinner Plate' x 'Jumbo Green Gold' and received it in early May. The listing had said blooming size. It arrived in good condition but it has barely grown since. I kept it with my other catasetums in my yard all summer and kept it moist and well fertilized, but there just wasn't much of a reaction while my others tripled in size. Just a week ago it started putting out this new growth from the base. I suspect that growth to be a new pbulb (though I was hoping for a spike). Can anyone confirm or deny my suspicions? If it is a new pbulb, what should I do? It's about to be autumn and I don't think it will grow well indoors starting in a month or so. Should I remove the new growth? Should I stop watering and let it go dormant? I'm fine with it not blooming this year but I don't want to have it all off schedule for next year. I want it to be able to put out new robust growth and bloom next summer.

[jcec1]

I let mine dry out and go dormant at their usual time - sometimes I get young growths that start late - they usually don't throw out new growth in spring but the older one from the same year does.

It looks like a new growth.