I know that there's a procedural way, but can't remember the expression right now, but a quick - manual - solution for this is using the Time Code Modifier in the Text+ node.
Just right-click on your Styled Text field and select modify with--> Timecode
This will give you a modifier. In the start off-set you can type in your time code in time code format i.e. 11:09:37:12 and Fusion will convert this to the correct amount of frames. Make sure you set the fps to the correct amount and you're good to go.