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Inventories
6 Months Ended
Dec. 31, 2021
Inventories  
Inventories

5. Inventories

Inventories consist of raw materials, work in process and finished goods and are recorded at the lower of cost or net realizable value, with cost determined on a first-in, first-out basis. The Company periodically reviews the composition of its inventories to identify obsolete, slow-moving or otherwise unsaleable items. In the event that such items are identified and there are no alternate uses for the inventory, the Company will record a write-down to net realizable value in the period that the impairment is first recognized. The Company wrote down $0.1 million of inventory during the three months ended December 31, 2021, and $0.3 million and $0.1 million during the six months ended December 31, 2021 and 2020, respectively. There was no inventory write-down during the three months ended December 31, 2020.

Inventory balances consist of the following:

December 31, 

June 30, 

2021

2021

(In thousands)

Raw materials

 

$

2,427

    

$

2,269

Work in process

2,173

3,346

Finished goods

 

11,958

 

10,724

Inventory, net

$

16,558

$

16,339