Quarterly report pursuant to Section 13 or 15(d)

Inventory

v3.23.3
Inventory
 9 Months Ended
Sep. 30, 2023
Inventory Disclosure [Abstract]  
Inventory

NOTE 5—INVENTORY

Inventory is valued at the lower of cost or net realizable value and is comprised of the following (in thousands):

 

 

 

September 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Raw materials

 

$

6,566

 

 

$

6,697

 

Work-in-process

 

 

1,850

 

 

 

1,871

 

Finished goods

 

 

5,408

 

 

 

7,316

 

Inventory

 

$

13,824

 

 

$

15,884

 

 

Inventory has been reduced by estimates for excess and obsolete amounts totaling $1.7 million and $2.2 million as of September 30, 2023 and December 31, 2022, respectively.

 

During the three months ended June 30, 2023, $1.7 million of inventory was reclassed to property, plant and equipment for lasers transferred to potential customers and other sales representatives without any payment in prior periods.