INVENTORIES

6 Months Ended

Jun. 30, 2022

INVENTORIES

INVENTORIES

8. INVENTORIES

Inventories consist of the following as of:

	June 30,		December 31,
(in thousands)	2022		2021
Raw materials	$	59,176	$	51,350
Packaging materials		6,414		5,475
Work-in-progress		879		652
Finished goods		33,936		31,969
		100,405		89,446
Reserve for excess/obsolete inventories		(7,860)		(7,753)
Inventories, net	$	92,545	$	81,693

Vendor Concentration

We source the raw materials for our products, including active pharmaceutical ingredients (“API”), from both domestic and international suppliers. Generally, only a single source of API is qualified for use in each product due to the cost and time required to validate a second source of supply. As a result, we are dependent upon our current vendors to reliably supply the API required for on-going product manufacturing. During the three and six months ended June 30, 2022, we purchased approximately 18% and 17% of our inventory from one supplier, respectively. As of June 30, 2022, our amount payable to this supplier was $6.3 million. During the three and six months ended June 30, 2021, no single vendor represented more than 10% of inventory purchases.