INVENTORIES

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

INVENTORIES

INVENTORIES

Inventories consist of the following as of:

(in thousands)	September 30, 2024		December 31, 2023
Raw materials	$	67,228	$	62,237
Packaging materials	10,522		9,617
Work-in-progress	4,144		3,144
Finished goods	66,148		36,198
Inventories	$	148,042	$	111,196

Note, the Finished goods include the inventory step-up from the acquisition of Alimera of approximately $11.7 million (represents net step-up after amortization).

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 September 30, 2024, no single vendor represented more than 10% of our raw material inventory purchases. During the nine months ended September 30, 2024, 17%, of our raw material purchases were from one supplier. During the three and nine months ended September 30, 2023, no single vendor represented more than 10% of our raw material inventory purchases.