If the bike is running fine with a different PGM IV/Key card (stock) fine and the PGM IV/HRC 030 card (that are matched) isn't, then yes, I would think the PGM IV with the HRC card is bad.

When you put the card in, does the display show anything? or does it stay blank? Does the steering head lock, unlock?

There are a number of trouble shooting processes for checking/trouble shooting the PGM Unit, but hard to tell where to start without more details.