Pulse compression has been used for decades in radar, sonar, medical, and industrial ultrasound. It consists in transmitting a modulated or coded excitation, which is then cross-correlated with the received signal such that received echoes are time compressed, thereby increasing their intensity and hence the system resolution and signal-to-noise ratio (SNR). A central problem in pulse-echo systems is that while longer coded excitations yield higher SNRs, the length of the coded excitation or sequence is limited by the distance between the closest reflector and the transmitter/receiver. In this paper, a new approach to coded excitation is presented whereby receive intervals or pauses are introduced within the excitation itself; reception takes place in these intervals. As a result, the code length is no longer limited by the distance to the closest reflector and a higher SNR increase can be realized. Moreover, the excitation can be coded in such a way that continuous transmission becomes possible, which reduces the overall duration of the system response to changes in the medium. The optimal distribution of the receive intervals within the excitation is discussed, and an example of its application in industrial ultrasound is presented. The example consists of an electromagnetic-acoustic transducer driven with 4.5 V, where a clear signal can be obtained in quasi-real-time (e.g., ~9-Hz refresh rate), while commercially available systems require 1200 V for a similar performance.