Abstract. The present standard EISCAT incoherent scatter experiments are based on alternating codes that are decoded in power domain by simple summation and subtraction operations. The signal is first digitised and then different lagged products are calculated and decoded in real time. Only the decoded lagged products are saved for further analysis so that both the original data samples and the undecoded lagged products are lost. A fit of plasma parameters can be later performed using the recorded lagged products. In this paper we describe a different analysis method, which makes use of statistical inversion in removing range ambiguities from the lag profiles. An analysis program carrying out both the lag profile inversion and the fit of the plasma parameters has been constructed. Because recording the received signal itself instead of the lagged products allows very flexible data analysis, the program is constructed to use raw data, i.e. IQ-sampled signal recorded from an IF stage of the radar. The program is now capable of analysing standard alternating-coded EISCAT experiments as well as experiments with any other kind of radar modulation if raw data is available. The program calculates the ambiguous lag profiles and is capable of inverting them as such but, for analysis in real time, time integration is needed before inversion. We demonstrate the method using alternating code experiments in the EISCAT UHF radar and specific hardware connected to the second IF stage of the receiver. This method produces a data stream of complex samples, which are stored for later processing. The raw data is analysed with lag profile inversion and the results are compared to those given by the standard method.