Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

4. Inventories

Inventories as of December 31, 2023 and 2022 consist of the following (in thousands):

	December 31,
	2023			2022
Finished goods	$	8,432		$	6,799
Semi-finished goods and work-in-process		29,339			40,265
Raw materials		5,543			7,460
Materials in-transit		18			36
Less: inventory reserve		(10,599	)		(14,677	)
Inventories, net	$	32,733		$	39,883

Changes in inventory reserve for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):

	Year Ended December 31,
	2023			2022			2021
Beginning balance	$	(14,677	)	$	(5,730	)	$	(5,901	)
Change in reserve
Inventory reserve charged to costs of sales		(9,360	)		(13,310	)		(7,626	)
Sale of previously reserved inventory		5,528			3,631			5,349
		(3,832	)		(9,679	)		(2,277	)
Write off		7,552			582			1,875
Translation adjustments		358			150			573
Ending balance	$	(10,599	)	$	(14,677	)	$	(5,730	)

Inventory reserve represents the Company’s best estimate in value lost due to excessive inventory level, physical deterioration, obsolescence, changes in price levels, or other causes based on individual facts and circumstances. Inventory reserve relates to inventory items including finished goods, semi-finished goods, work-in-process and raw materials. Write off of this reserve is recognized only when the related inventory has been disposed or scrapped.