Inventories

Inventories consisted of the following (in thousands):



	June 30, 2015			December 31, 2014
Raw materials	$	10,235		$	9,219
Work-in-process	122			1,195
Finished goods	7,512			10,762
	17,869			21,176
Less: inventory valuation allowance	(3,054		)	(2,701		)
Inventories, net	$	14,815		$	18,475

Consigned inventory is held at third-party locations, which include the Company's contract manufacturing partner and customers. The Company retains title to the inventory until purchased by the third-party. Consigned inventory, consisting of raw materials and finished goods was $4.8 million and $2.6 million at June 30, 2015 and December 31, 2014.

The Company recorded the following charges associated with the valuation of inventory and the adverse purchase commitment liability (in thousands):



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2015		2014		2015		2014
Inventory, net	$	312	$	182	$	272	$	1,344
Adverse purchase commitments	431		281		1,007		154