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Inventories, net and Deferred Preservation Costs | 9 Months Ended
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Sep. 30, 2024
Inventory Disclosure [Abstract] |
Inventories, net and Deferred Preservation Costs | Inventories, net and Deferred Preservation Costs Inventories, net at September 30, 2024 and December 31, 2023 were comprised of the following (in thousands):
| September 30, 2024 |  | December 31, 2023
Raw materials and supplies | $ | 36,037 |  |  | $ | 36,907 |
Work-in-process | 15,602 |  |  | 12,687 |
Finished goods | 32,484 |  |  | 32,382 |
Total inventories, net | $ | 84,123 |  |  | $ | 81,976 |
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 we receive a notification of implantation, at which time we invoice the hospital and recognize revenue. As of September 30, 2024 we had $10.7 million in consignment inventory, with approximately 40% in domestic locations and 60% in international locations. As of December 31, 2023 we had $10.7 million in consignment inventory, with approximately 44% in domestic locations and 56% in international locations. Total deferred preservation costs were $50.4 million and $49.8 million as of September 30, 2024 and December 31, 2023, respectively. Inventory and deferred preservation costs obsolescence reserves were $3.7 million and $3.0 million as of September 30, 2024 and December 31, 2023, 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 -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/330/tableOfContent + Details
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