It doesn't look good, I'd call that one a goner. You may be able to frag off any part that still has tissue, but its hard to tell if there is any tissue left from the pic. Bulbs at 1 year aren't a big deal. I replace mine every 11-12 months without a problem, but only half at a time so their is a boost in par every 5-6 months. It usually takes time for a monti to go from healthy to that. Without an idea of the transition states its hard to pinpoint the issue. Could be anything from monti eating nudis, to nutrients, to alk, to light. How did it get to that state? Slowly? Was there a ring of death that grew? Did it pale out and eventually algae grew? Answers to these questions will help us figure out what is wrong and how to save it. Also your water salinity, calcium, alkalinity, and nitrate levels may point us in the right direction. Was there a mini cycle producing ammonia? Usually this would manifest itself by affecting your fish first. A picture is worth a thousand words, but in this case it alone won't allow us to figure out what is wrong or suggest how to fix it. Although, like I said at the beginning, that piece looks like a goner.