Panorama uses integers for both dates and times. Date values contain days, and time values contain seconds.
Panorama has a special field type for dates that stores the values as integers, but displays them as dates, and also allows data entry as dates. Very convenient.
However, Panorama does not have a special field type for time values. So you have two choices – you can either use an integer field or a text field. If you use an integer field, the time values can be sorted, but they will display as seconds, and you’ll have to enter them as seconds. If sorting isn’t needed, you can just use a text field.
That is normal – it is displaying the number of seconds since midnight. Hopefully I’ve given you a bit of context for the other excellent answers.