This could be. I have a 256 MB Radeon X1300PRO.
I used this same mouse on an older computer, with no similar problems, until about 2 or 3 months ago, with a Radeon 7000, I think.
I would like to suggest you call PTC support on this, but my experience with them is like something out of a Simpson's episode. One suggestion, if you do call them, keep a record of everyone's name and phone number (or extension) for future reference. This may save hours on future calls.