As long as you still have a mouth that is attached to the skeleton, then it can recover.  Good water conditions, the proper water movement, and a some iodide for tissue recovery will get you there.  It's a fairly slow process for them to recover though, so don't expect leaps and bounds in the tissue replacement.  They will normally grow a bit off of the skeleton and slowly reattach, but if the skeleton stays clean (no algae growing on it), then the chances of a complete recovery are better.  It probably won't grow all the way back to it's original shape though unless the tissue in the bottom portion of the skeleton (from the aspect in the picture) manages to hang in there.