INVENTORIES

12 Months Ended

Dec. 31, 2024

The following table shows the Company's inventory by asset class as of the years ended December 31:


(in thousands)	2024		2023
Raw materials	$	67,174	$	62,237
Packaging materials	9,977		9,617
Work-in-progress	1,665		3,144
Finished goods	57,966		36,198
Inventories	$	136,782	$	111,196

Note, Finished Goods as of December 31, 2024 does not include the inventory step-up from the acquisition of Alimera, as the step-up was fully amortized during 2024.

Vendor Concentration

Raw materials are sourced for products, including API, from both domestic and international suppliers. Generally, only a single source of API is qualified for use in each product due to the costs and time required to validate a second source of supply. As a result, the Company is dependent upon current vendors to reliably supply the API required for on-going product manufacturing. During the year ended December 31, 2024, approximately 12%, of our raw material inventory purchases were from one domestic supplier. During the year ended December 31, 2023, no single vendor represented more than 10% of our raw material inventory purchases. During the year ended December 31, 2022 approximately 19%, of our raw material inventory purchases were from one domestic supplier.