Inventories

12 Months Ended

Dec. 31, 2024

(6) Inventories

Components of inventories at December 31, 2024 and 2023 are summarized as follows:


(in thousands)	2024		2023
Raw materials	$	43,138	$	59,658
Work in process	3,481		4,708
Finished goods and parts	71,911		87,822
Total inventories	$	118,530	$	152,188

The inventory reserve was $21.9 million and $16.2 million as of December 31, 2024 and 2023, respectively.

During the year ended December 31, 2023, we notified one of our contract manufacturers of our intent to terminate the existing manufacturing services arrangement and in-source the assembly and production process. The final exit agreement included a $0.5 million exit fee that was expensed during the year ended December 31, 2023. There was an associated commitment to purchase $1.7 million of inventory from the assembly manufacturer as of December 31, 2023. Such inventory was purchased during the year ended December 31, 2024.

During the year ended December 31, 2022, we notified one of our contract manufacturers of our intent to terminate our existing manufacturing services arrangement and in-source the assembly and production process. The final exit agreement included a $1.7 million exit fee that was expensed during the year ended December 31, 2022. Exiting this agreement resulted in the purchase of $23.9 million of inventory and $0.4 million of fixed assets from the assembly manufacturer.