Hi, this is Christopher at the Master Gardener Help Desk.

This tree looks like it has a common Colorado winter injury called Sunscald.  Can you confirm the damaged side of the tree faces South / Southwest?

Sunscald is caused by heating of bark on sunny winter days followed by a rapid temperature drop, rupturing membranes as cells freeze.

Unfortunately,  I think this tree is not savable because such a large portion of the bark ring has come off (looks around 40% to me).  Trees rely on their bark ring to provide water and nutrients and this tree is now only getting a portion of that.

When planting a new tree, it is very common wrap the trunk over the winter months to prevent sunscald.  You can find tree wrap at hardware store or garden center.