I have meet a lot of people asking similar question. The answer is absolutely Yes. You can always recover the lost photos from your digital camera even you have formatted the device. Formatting won't make the data in your memory card erased permanently. The pictures you formatted are still in the disk of your memory card, just not accessible right now.
The best way to recover them back is trying some photo recovery programs. A nice one is Asoftech Photo Recovery that helped me before.
This program can deep scan to find your lost photos first and then perform recovery with nice quality. But before your photos are recovered, please don't take more photos in case your lost photo data are overwritten.
Here is the steps you may refer while recover your photos from your camera memory card.
1. Download and install asoftech photo recovery program on your computer.
2. With your memory card inserted, Under "My Computer", note the drive letter assigned to your camera's memory card (usually G: or H:).
3. Start the photo recovery program and select the drive letter that assigned to camera memory card, click "Start".
4. Now the scanning process will start automatically to deep look for the lost pictures. You will then get a list of all recoverable ones. Check if all your pictures are there.
5. Select the pictures you want and click "Next", and you can get back lost photos from camera successfully.