What homeopathy is, and what it is not
This is not homeopathy per se. There is a common misunderstanding about what homeopathy means. Many people think that when substances are diluted and succussed (potentized) in the way that "homeopathic" pharmacies prepare substances, that that means they are homeopathic.
Homeopathy refers to the principle on which the remedy is given, not the remedy itself. Commonly, we call the remedies "homeopathic" just for convenience. But if you take mercury and potentize it, then give it to treat mercury poisoning, you are not giving that remedy homeopathically.
To give a remedy homeopathically means to give the remedy that is the most similar to the patient's symptom picture. With a product such as you described, no one is taking the patient's symptom picture and matching it to a remedy, so it is not homeopathy.
They are using a potentized substance to treat the disease that that substance causes. (Such a potentized remedy is called an isode). The principle on which it's given is something that Dr. Hahnemann described in his work, and has come to be known homotonic prescribing or just "tonic" prescribing, as opposed to homeopathic or "pathic" prescribing.
So in other words, you could conceivably use a crude substance which is NOT diluted and succussed, and apply it homeopathically. OR, you could use a potentized remedy and apply it in a way that is NOT homeopathy. In other words, the way the remedy is APPLIED is the key, and that is why the way this product is used isn't homeopathy.
I hope that starts to clear up the confusion :)
Best,
Karen