Reading RS 232 Data with Teensy (and with arduino compiler)

You don't have a start marker; use the receive-with-endmarker as a base for your code instead and use '\n' for the end-marker.

What you received was 1.105331E-04\r\n; see e.g. http://www.asciitable.com/.

You might have to strip the '\r' but I think that atof() will ignore it.