You can do this using the undocumented MarkedClean
event.
Unfortunately Matlab updates the text everytime the plot is redrawn (e.g. figure resize) - so you need to add a listener to update them each time that happens - hence why you listen for this particualr event.
function test
figure
[X,Y]=meshgrid(0:100,0:100);
Z=(X+Y.^2)*1e10;
[C,h]=contour(X,Y,Z);
h.ShowText='on';
% add a listener and call your new format function
addlistener(h,'MarkedClean',@(a,b)ReFormatText(a))
end
function ReFormatText(h)
% get all the text items from the contour
t = get(h,'TextPrims');
for ii=1:length(t)
% get the current value (Matlab changes this back when it
% redraws the plot)
v = str2double(get(t(ii),'String'));
% Update with the format you want - scientific for example
set(t(ii),'String',sprintf('%0.3e',v));
end
end