INVENTORIES

12 Months Ended

Dec. 31, 2021

INVENTORIES

INVENTORIES

5. INVENTORIES

Inventories consist of the following as of December 31:

	December 31,		December 31,
(in thousands)	2021(1)		2020
Raw materials	$	51,350	$	41,591
Packaging materials		5,475		3,194
Work-in-progress		652		886
Finished goods		31,969		20,363
		89,446		66,034
Reserve for excess/obsolete inventories		(7,753)		(5,231)
Inventories, net	$	81,693	$	60,803

(1) Includes inventory acquired in the acquisition of Novitium (Note 2).