[~, ~, raw] = xlsread('YourFile.xlsx');
tcol = raw(3:end, 1); %pull out appropriate column
mscol = raw(3:end, 2); %pull out appropriate column
assert(ischar(tcol{1}), 'Expected the time column to be character format');
if ischar(mscol{2}))
mscol = num2cell( str2double(mscol) );
end
mscol_num = cell2mat(mscol);
mscol_char_cell = cellstr( num2str( mscol_num, ':%03d') );
combined = strcat( tcol, mscol_char_cell );