INVENTORIES

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

Inventories consist of the following as of:

(in thousands)	March 31, 2024		December 31, 2023
Raw materials	$	55,115	$	62,237
Packaging materials	9,854		9,617
Work-in-progress	3,017		3,144
Finished goods	45,851		36,198
Inventories	$	113,837	$	111,196

Vendor Concentration

Raw materials are sourced for 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, the Company is dependent upon our current vendors to reliably supply the API required for on-going product manufacturing. During the three months ended March 31, 2024, we purchased approximately 25% of our raw material inventory from one supplier. During the three months ended March 31, 2023, no single vendor represented more than 10% of our raw material inventory purchases.