The plant looks healthy to me. The growth with the flower sheath looks like it has matured and the papery covering (what is that called?) on the pseudobulb is drying out/discoloring.
The top portion of the flower sheath looks like it has had a good amount of light exposure and the typical green has turned reddish.
I have a catt right now that will be maturing a new growth with sheath and will be pushing out new growths at the same time. I anticipate that it will flower in the spring.
Remember that the presence of a flower sheath does not always equal flowers. I have had blind (no buds) flower sheaths before.
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