Inventory

Inventory at June 30, 2017 and March 31, 2017 consisted of the following (in thousands):



	June 30, 2017		March 31, 2017
Raw materials	$	6,026	$	4,263
Work-in-process	819		426
Finished goods	6,485		8,016
Deferred program costs	2,309		4,757
Net inventory	$	15,639	$	17,462

The Company recorded inventory write-downs of $0.3 million for each of the three months ended June 30, 2017 and 2016. These write downs were based on evaluating its inventory on hand for excess quantities and obsolescence.

Deferred program costs as of June 30, 2017 and March 31, 2017 primarily represent costs incurred on programs accounted for under contract accounting where the Company needs to complete development milestones before revenue and costs will be recognized.