Inventory

Inventory at March 31, 2018 and March 31, 2017 consisted of the following (in thousands):



	March 31, 2018		March 31, 2017
Raw materials	$	7,526	$	4,263
Work-in-process	920		426
Finished goods	8,767		8,016
Deferred program costs	2,567		4,757
Net inventory	$	19,780	$	17,462

The Company recorded inventory write-downs of $0.4 million and $1.6 million for the fiscal years ended March 31, 2018 and 2017, respectively. These write downs were based on evaluating its inventory on hand for excess quantities and obsolescence.

Deferred program costs as of March 31, 2018 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.