yes it is possible coz I recover raw files before using the software.
the only difference would be the filename would be different, not according to filename set when it was taken - filename would be rawimage.xxx
There are two types of formatting - (1) quick format which only clear the FAT area (i.e. table of content) and (2) a low level format which write "0"s & "1"s to the entire CF. If yours is the quick format, chances are all the files are still intact as long as you have not overwritten anything to it. You might want to try other recovery software.