A dispensing device for a multi-component composition comprises a plurality of collapsible bag compartments (109, 110) located within a housing (101). The compartments extend adjacent each other and have cross-sectional areas that are proportional to an intended volume mixing ratio for the multi-component composition. Each compartment has an opening (123) that communicates with a device outlet at one end of the housing, and an opposite, sealed end that is exposed to pressure from a compression device (103). The compression device acts to collapse the compartments and dispenses the components through the device outlet. The components have different viscosities. The chamber of a less viscous component has a flow control regulator (111) to compensate for extra pressure exerted on that compartment by an adjacent compartment containing a more viscous component. The flow control regulator restricts the flow of the less viscous component, thereby achieving a volume mixing ratio that is closer to the intended volume mixing ratio.