Many of my more tender rhodie varieties had killed buds this winter. OP's profile, though, says they are in the UK, which didn't see a particularly hard winter. OTOH their foliar hardiness was generally good, which seems to indicate that the rhodie community is generally realistic in their hardiness assessments. For example: Gardenia 'Kleim's Hardy' has been marketed as zone 7 hardy for well over a decade. This year a large bush in a sheltered spot was completedly killed to the ground and is returning only weakly from the roots. OTOH, 'Captain Jack', which is my favorite red, did lose its buds, but had completely intact foliage, even though it isn't in a very sheltered spot. I did lose an unusual lepidote hybrid involving the maddenii series, but it was only rated as hardy to 10F and I had backup plants in pots. My low was "only" 3F but it occurred several times and there were several precipituous drops from above freezing. This post was edited by davidrt28 on Sat, Jun 7, 14 at 13:25

Greenfinger, I believe you thread and mine are the same topic. One of my plumeria is doing the same thing. If anyone knows anything about this "mid stalk second leaf emergence" trait. I would like to know more about it. See my pics from the thread started last night.....I am curious to know your color after yours blooms. Is it only yellow/white that does this? Man these plumerias are addicting.......mike

It may recover but I'd put it out of its misery and replant. You'll lose precious time and this is a variety prone to stop producing in hot summer weather. In the meantime you should do a bit of investigation work so it doesn't reoccur.

Your plant is in good shape. There should be a node between those two rings on the side shoot that grew from the node on the main stem. Even if you can't see a bump which would indicate a node, it's probably there. If the main stem is longer than it looks and goes down into the soil there could be a node underground that could break and make a plant. Did you happen to see a node when you potted and rerooted it? A node looks like a small raised bump, sometimes it's within a raised circle of tissue, it's often fairly flat and just barely peaked above the level of the stem. A node is produced within each section of the stem as it grows. I would give this cutting a lot of time to show new growth before giving up and discarding it. If you're in a cold state or country I would wait until at least through the end of next summer.