INVENTORIES

3 Months Ended

Mar. 31, 2023

INVENTORIES

INVENTORIES

7. INVENTORIES

Inventories consist of the following as of:

	March 31,		December 31,
(in thousands)	2023		2022
Raw materials	$	69,533	$	67,726
Packaging materials		7,782		7,720
Work-in-progress		1,540		1,889
Finished goods		24,799		28,020
Inventories	$	103,654	$	105,355

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 months ended March 31, 2023, no single vendor represented more than 10% of inventory purchases. During the three months ended March 31, 2022, one vendor represented 16% of inventory purchases.