removing the old PB before the new growth develop its pseudobulb is strictly not recommended unless the old pseudobulb is infected. if it is a unique or rare species of catasetum you are having there, you can start remove the old PB about two months from now because the new growth is still fairly young.
otherwise, i would leave it until it has at least four PB in a pot before dividing them. it is a healthy plant you got there and i am sure with proper care it will flower very soon.