Yes. Just do not remove the SD card while the Memorator Professional is powered on (indicated by the green power LED). Removing the SD card while the unit is powered can lead to a corrupted card.
You can place the SD card in a card reader or copy the KMF files from the SD card to your hard drive. You then run the Memorator Tools and start the Connect wizard. Check the “Use a device other than a Memorator Professional” checkbox and hit next. You will now have the option to connect to a card reader or the KMF files directly. Once you complete the connection process, you can list the log files and run the conversion wizard like normal.