Inventories (Tables)

12 Months Ended

Dec. 31, 2022

Inventories are valued at the lower of cost or estimated net realizable value, after provision for excess, obsolete or impaired items, which is reviewed and updated on a periodic basis by management. For inventory procured or produced, whether internally or through contract manufacturing arrangements, at the Company's manufacturing facility in Italy, cost is determined on a weighted-average basis, which approximates the first-in, first-out (“FIFO”) method. For inventory procured or produced, whether internally or through contract manufacturing arrangements, at the Company's manufacturing facilities in Texas and California, standard cost, which approximates actual cost on the FIFO method, is used to value inventory. Standard costs are reviewed by management, at least annually or more often, in the event circumstances indicate a change in cost has occurred.

Work-in-process and finished products include material, labor, and production overhead costs. Field and consignment inventory, which represents immediately saleable finished products inventory that is in the possession of the Company’s independent sales representatives or located at third-party customers, such as distributors and hospitals, is included within finished products. Inventory previously reported as field/consignment inventory has been reclassified to finished products to conform with current period presentation.


	December 31,
(U.S. Dollars, in thousands)	2022		2021
Raw materials	$	17,035	$	9,589
Work-in-process		19,243		15,096
Finished products		63,872		58,289
Inventories	$	100,150	$	82,974