ROdata = double(h5read('directories10340text210340text2.hdf5','/othertext2'));

ROdata = double(h5read('directoriesxtextyxtexty.hdf5','/othertexty'));

ROdata = double(h5read( ...
  sprintf( 'directories/%06dtext%d/%06dtext%d.hdf5', 010340, 2, 010340, 2 ), ...
  sprintf( '/othertext%d', 2 ) ));

%# or more general:
x = 010340;
y = 2;
ROdata = double(h5read( ...
  sprintf( 'directories/%06dtext%d/%06dtext%d.hdf5', x, y, x, y ), ...
  sprintf( '/othertext%d', y ) ));

%# or even more general:
%# assume X is your array containing elements x, Y for y elements

ROdata = cell{ numel(X), 1 };
for ii=1:numel(X)
  ROdata{ii} = double(h5read( ...
    sprintf( 'directories/%06dtext%d/%06dtext%d.hdf5', X(ii), Y(ii), X(ii), Y(ii) ), ...
    sprintf( '/othertext%d', Y(ii) ) ));
end

ROdata = double(h5read(['directoriesxtexty' num2str(x) 'xtexty.hdf5'],['/othertexty' num2str(y)]));