On rare occasions the Zooanthellae within bleached SPS will recover. It depends on the sensitivity of the specific SPS and what caused the bleaching and was it slow or instant. Slow depressed pH or high within reason, SG or nutrient build can be corrected and some SPS will make it. Along the lines of where I think oldreefer is headed is if you have flesh damaged occuring with bleaching it will pretty much be a done deal.
But the key here is you want to find out what caused it. You want to inspect as many water parameters as you can and go over what you have done to the system in the last 2 to 4 weeks. Did you change over to new bulbs with much higher PAR? Did you put a new reactor online? Is the reactor setup correctly and such? Otherwise you may fall into the same pitfalls again.
The 3 most common suspects for SPS death, other than system failures like power outages or electrical issue that trigger other events, that I note on well maintained setup postings are lighting change, big alk change and or big pH jump. Any of these happening too fast and or too radical will nuke your SPS in short order.