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Inventories
3 Months Ended
Sep. 30, 2023
Inventory Disclosure [Abstract]  
Inventories

4. 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 charge to reduce the value of the inventory to net realizable value in the period first recognized. The Company incurred $0.1 million in inventory write-downs for each of the three months ended September 30, 2023 and 2022.

Inventory balances consist of the following:

September 30, 

June 30, 

2023

2023

(In thousands)

Raw materials

 

$

1,968

    

$

1,301

Work in process

3,288

2,956

Finished goods

 

7,710

 

7,738

Inventories

$

12,966

$

11,995