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Inventories, net and Deferred Preservation Costs | 3 Months Ended
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Mar. 31, 2023
Inventory Disclosure [Abstract] |
Inventories, net and Deferred Preservation Costs | Inventories, net and Deferred Preservation Costs Inventories, net at March 31, 2023 and December 31, 2022 were comprised of the following (in thousands):
| March 31, 2023 |  | December 31, 2022
Raw materials and supplies | $ | 36,322 |  |  | $ | 36,715 |
Work-in-process | 11,319 |  |  | 10,476 |
Finished goods | 28,632 |  |  | 27,287 |
Total inventories, net | $ | 76,273 |  |  | $ | 74,478 |
To facilitate product usage, we maintain consignment inventory of our On-X heart valves at domestic hospital locations and On-X heart valves and aortic stent grafts at international hospital locations. We retain title and control over this consignment inventory until the device is implanted, at which time we invoice the hospital and recognize revenue. As of March 31, 2023 we had $12.7 million in consignment inventory, with approximately 42% in domestic locations and 58% in international locations. As of December 31, 2022 we had $12.7 million in consignment inventory, with approximately 41% in domestic locations and 59% in international locations. Total deferred preservation costs were $47.4 million and $46.4 million as of March 31, 2023 and December 31, 2022, respectively. Inventory and deferred preservation costs obsolescence reserves were $2.1 million and $2.2 million as of March 31, 2023 and December 31, 2022, respectively.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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